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s 4 and 5 refer to the following information The following balance sheet is for...

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Accounting

s 4 and 5 refer to the following information The following balance sheet is for X Company: Assets Balance Sheet January 1, 2021 Equities Cash $96,748 Accounts Payable Accounts Receivable 11,857 Wages Payable Inventory 158,157 Notes Payable Prepaid Rent 5,152 Paid-In Capital Equipment Total Assets 340,367 $612,281 Retained Earnings Total Equities The following summary transactions occurred during 2021: borrowed $4,025 from the bank paid $24,210 for advertising sold merchandise for $462,660 on account and $238,340 for cash; the merchandise cost $385,550 agreed to a five-year rental lease for $8,000 and paid $1,600 in advance received $8,872 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What was the cash balance on December 31, 2021? A: $223,283 B: $252,310 C: $285,111 D: $322,175 E: $364,058 OF: $411,385 Submit Answer Tries 0/99 5. What were total liabilities on December 31, 2021? OA: $158,557 B: $198,196 OC: $247,745 OD: $309,681 OE: $387,102 OF: $483,877 Submit Answer Tries 0/99 $209,068 1,106 33,546 297,039 71,522 $612,281

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