1: Construct a balance sheet for given following data. What is shareholders equity? Cash balances: $10,000 Inventory of sofas:$200,000 Store and property: 100,000 Accounts Receivable:22,000 Accounts Payable:$17,000 Long-term Debt: 170,000 Q2: We characterized the balance sheet as providing a snapshot of the firm at one point in time and the income statement as providing a video. What did we mean by this? is the statement of cash flow more like a snapshot or video? Q3: Explain why accounting income generally will differ from a firm's cash inflows