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The following balance sheet is for X Company: Assets Balance Sheet January 1, 2021 Equities...

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Accounting

The following balance sheet is for X Company: Assets Balance Sheet January 1, 2021 Equities Accounts Payable Cash $85,254 Accounts Receivable 11,290 Wages Payable Inventory 157,331 Notes Payable Prepaid Rent 5,923 Paid-In Capital Retained Earnings Total Equities 303,031 $562,829 $208,308 1,411 33,089 257,285 62,736 $562,829 Equipment Total Assets The following summary transactions occurred during 2021: paid $81,375 to suppliers for merchandise previously purchased on account purchased $312,606 of merchandise on account and $183,594 for cash sold merchandise for $434,744 on account and $266,456 for cash; the merchandise cost $399,684 paid $5,399 for land and equipment received $241,667 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021? OA: $521,083 B: $755,570 OC: $1,095,576 OD: $1,588,585 E: $2,303,449 OF: $3,340,000 Submit Answer Tries 0/99 5. What was total owners' equity on December 31, 2021? A: $96,968 B: $140,603 C: $203,875 OD: $295,618 E: $428,646 OF: $621,537 Submit Answer Tries 0/99

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