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  3. s 6 and 7 refer to the following information the f

s 6 and 7 refer to the following information The following balance sheet is for...

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Accounting

s 6 and 7 refer to the following information The following balance sheet is for X Company: Assets Balance Sheet January 1, 2021 Equities Cash $98,677 Accounts Payable Accounts Receivable 12,851 Wages Payable Inventory 159,370 Notes Payable Prepaid Rent 6,040 Paid-In Capital Equipment Total Assets 321,448 $598,386 Retained Earnings Total Equities The following summary transactions occurred during 2021: paid $85,551 to suppliers for merchandise previously purchased on account paid $25,610 for advertising sold merchandise for $442,764 on account and $260,036 for cash; the merchandise cost $372,484 agreed to a five-year rental lease for $10,000 and paid $2,000 in advance received $8,596 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, 2021? A: $440,868 B: $515,816 C: $603,504 D: $706,100 E: $826,137 F: $966,580 Submit Answer Tries 0/99 7. What were total liabilities on December 31, 2021? A: $174,089 OB: $217,611 C: $272,014 D: $340,018 E: $425,022 F: $531,277 Submit Answer Tries 0/99 $227,659 1,230 30,751 263,939 74,807 $598,386

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