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  3. s 4 and 5 refer to the following information the f

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 Accounts Payable Cash $96,079 Accounts Receivable 11,981 Wages Payable Inventory 159,073 Notes Payable Prepaid Rent 5,384 Paid-In Capital Equipment Total Assets 331,181 $603,698 Total Equities Retained Earnings $217,273 1,447 30,765 292,338 61,875 $603,698 The following summary transactions occurred during 2021: borrowed $4,494 from the bank paid $28,360 for advertising sold merchandise for $428,400 on account and $285,600 for cash; the merchandise cost $371,280 agreed to a four-year rental lease for $10,000 and paid $2,500 in advance received $201,903 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What was the cash balance on December 31, 20217 A: $315,007 B: $418,959 C: $557,216 D: $741,097 E: $985,659 F: $1,310,927 Submit Answer Tries 0/99 5. What were total liabilities on December 31, 2021? A: $185,535 B: $217,076 C: $253,979 D: $297,155 E: $347,672 F: $406,776 Submit Answer Tries 0/99

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