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

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Accounting

The following balance sheet is for X Company: Balance Sheet January 1, 2021 Equities Accounts Payable $249,576 1,341 32,801 215,155 Assets Cash $84,193 Accounts Receivable 12,134 Wages Payable Inventory 156,485 Notes Payable Prepaid Rent Equipment Total Assets 6,498 Paid-In Capital 312,950 $572,260 Total Equities The following summary transactions occurred during 2021: paid $80,311 to suppliers for merchandise previously purchased on account purchased $292,053 of merchandise on account and $143,847 for cash sold merchandise for $439,505 on account and $280,995 for cash; the merchandise cost $417,890 agreed to a four-year rental lease for $10,000 and paid $2,500 in advance received $232,981 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What were total equities on December 31, 2021? OA: $579,871 OB: $678,449 C: $793,785 D: $928,728 E: $1,086,612 OF: $1,271,336 Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? OA: $591,152 B: $691,648 OC: $809,228 OD: $946,797 E: $1,107,752 OF: $1,296,070 Submit Answer Tries 0/99 Retained Earnings 73,387 $572,260

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