s 6 and 7 refer to the following information The following balance sheet is for...
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s 6 and 7 refer to the following information The following balance sheet is for X Company: Assets Cash Accounts Receivable Inventory Prepaid Rent Equipment Total Assets Balance Sheet January 1, 2021 $98,759 13,327 Equities Accounts Payable Wages Payable $232,478 1,087 156,151 Notes Payable 6,463 Paid-In Capital 337,699 $612,399 Total Equities Retained Earnings 33,099 281,185 64,550 $612,399 The following summary transactions occurred during 2021: paid $81,349 to suppliers for merchandise previously purchased on account purchased $299,008 of merchandise on account and $168,192 for cash sold merchandise for $427,740 on account and $285,160 for cash; the merchandise cost $406,353 paid $5,702 for land and equipment received $8,429 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What were total equities on December 31, 20217 A: $486,702 B: $647,314 C: $860,928 D: $1,145,034 E: $1,522,895 F: $2,025,451 Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? A: $373,515 B: $496,775 C: $660,711 D: $878,746 E: $1,168,732 F: $1,554,413 Submit Answer Tries 0/99
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