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

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Accounting

The following balance sheet is for X Company: Assets Cash Balance Sheet January 1, 2021 Equities $92,153 Accounts Payable $220,170 Accounts Receivable 11,453 Wages Payable 1,437 Inventory 153,970 Notes Payable Prepaid Rent 5,467 Paid-In Capital 34,363 283,146 Equipment Total Assets 337,918 $600,961 Retained Earnings Total Equities 61,845 $600,961 The following summary transactions occurred during 2021: paid $83,495 to suppliers for merchandise previously purchased on account paid $22,150 for advertising sold merchandise for $463,782 on account and $238,918 for cash; the merchandise cost $407,566 paid $5,682 for land and equipment received $8,292 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? OA: $261,732 OB: $327,165 C: $408,956 D: $511,195 E: $638,994 OF: $798,742 Submit Answer Tries 0/99 7. What were total liabilities on December 31, 2021? OA: $107,688 OB: $125,995 OC: $147,415 OD: $172,475 OE: $201,796 OF: $236,101 Submit Answer Tries 0/99

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