The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities...
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The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $88,881 Accounts Payable Accounts Receivable 10,674 Wages Payable Inventory 151,121 Notes Payable Prepaid Rent 5,916 Paid-In Capital Equipment Total Assets 307,883 $564,475 Total Equities Retained Earnings $214,418 1,014 30,653 256,766 61,624 $564,475 The following summary transactions occurred during 2021: paid $85,423 to suppliers for merchandise previously purchased on account paid $20,180 for advertising sold merchandise for $452,592 on account and $265,808 for cash; the merchandise cost $409,488 agreed to a five-year rental lease for $8,000 and paid $1,600 in advance received $207,228 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: $393,105 OB: $491,382 OC: $614,227 OD: $767,784 OE: $959,730 OF: $1,199,662 Submit Answer Tries 0/99 5. What were total liabilities on December 31, 2021? OA: $137,318 OB: $160,662||OC: $187,975 OD: $219,930 OE: $257,318 OF: $301,062
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