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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 Cash $88,820 Accounts Payable $219,717 Accounts Receivable 12,207 Wages Payable 1,094 Inventory 150,023 Notes Payable Prepaid Rent 6,352 Paid-In Capital 33,570 281,860 Equipment Total Assets 343,670 $601,072 Retained Earnings Total Equities 64,831 $601,072 The following summary transactions occurred during 2021: borrowed $4,946 from the bank purchased $281,928 of merchandise on account and $132,672 for cash sold merchandise for $423,480 on account and $282,320 for cash; the merchandise cost $381,132 agreed to a five-year rental lease for $10,000 and paid $2,000 in advance received $220,763 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, 2021? OA: $189,308 OB: $236,635 OC: $295,793 OD: $369,742 OE: $462,177 OF: $577,721 Submit Answer Tries 0/99 5. What was total owners' equity on December 31, 2021? A: $671,359 OB: $973,471 OC: $1,411,532|| OD: $2,046,722|| OE: $2,967,747 OF: $4,303,233 Submit Answer Tries 0/99

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