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

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Accounting

The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Accounts Cash $85,563 $215,513 Payable Accounts Wages 12,034 1,491 Receivable Payable Notes Inventory 159,164 34,291 Payable Prepaid Paid-In 5,267 259,676 Rent Capital Retained Equipment 310,756 61,813 Earnings Total Total $572,784 $572,784 Assets Equities The following summary transactions occurred during 2021: paid $84,593 to suppliers for merchandise previously purchased on account purchased $278,452 of merchandise on account and $137,148 for cash sold merchandise for $476,652 on account and $245,548 for cash; the merchandise cost $389,988 agreed to a five-year rental lease for $10,000 and paid $2,000 in advance received $246,478 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: B: OC: D: OE: OF: $264,048 $351,183 $467,074 $621,208 $826,207 $1,098,855 Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? OA: B: OC: D: OE: OF: $400,927 $453,048 $511,944 $578,496 $653,701 $738,682 Submit Answer Tries 0/99

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