The following balance sheet is for X Company: Assets Cash Accounts Receivable Inventory Prepaid Rent...
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The following balance sheet is for X Company: Assets Cash Accounts Receivable Inventory Prepaid Rent Equipment Total Assets The following summary transactions occurred during 2021: borrowed $4,921 from the bank paid $24,120 for advertising sold merchandise for $470,600 on account and $253,400 for cash; the merchandise cost $398,200 paid $5,776 for land and equipment received $8,431 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What was the cash balance on December 31, 2021? Balance Sheet January 1, 2021 Equities $86,636 13,727 154,576 5,790 311,217 Accounts Payable Wages Payable Notes Payable Paid-In Capital Retained Earnings $571,946 Total Equities $230,564 1,477 32,634 243,895 63,376 $571,946 5. What were total liabilities on December 31, 2021
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