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

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Accounting

The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Cash Equities $92,634 Accounts Payable $219,907 Accounts Receivable 12,332 Wages Payable 1 1,359 Inventory Prepaid Rent Equipment 153,960 Notes Payable 34,122 5,647 Paid-In Capital 284,206 Total Assets 347,454 $612,027 Retained Earnings Total Equities 72,433 $612,027 The following summary transactions occurred during 2021: paid $84,183 to suppliers for merchandise previously purchased on account purchased $250,976 of merchandise on account and $153,824 for cash sold merchandise for $452,214 on account and $265,586 for cash; the merchandise cost $409,146 agreed to a five-year rental lease for $8,000 and paid $1,600 in advance received $8,385 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, 20217 A: $1,095,859 8: $1,457,492 C: $1,938,465 D: $2,578,158 E: $3,428,951 F: $4,560,504 Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? A: $527,589 B: $596,175 C: $673,678 D: $761,256 E: $860,219 F: $972,048 Submit Answer Tries 0/99

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