answer choices for statement 1-3 that are blank are "true or false" or "correct or incorrect"

The balance sheet provides a snapshot of the financial condition of a company. Investors and analysts use the information given on the balance sheet and other financial statements to make several interpretations regarding the company's financial condition and performance. Cute Camel Woodcraft Company is a hypothetical company. Suppose it has the following balance sheet items reported at the end of its first year of operation. For the second year, some parts are still incomplete. Use the information given to complete the balance Given the information in the preceding balance sheet-and assuming that Cute Camel Woodcraft Company has 50 million shares of common stock outstanding-read each of the following statements, then identify the selection that best interprets the information conveyed by the balance sheet. Cute Camel's accumulated owed financial obligations decreased from Year 1 to Year 2, This statement is ____, because: Notes payable actually increased from $399 million to $375 million between Years 1 and 2 Long-term debt decreased from $399 million at the end of Year 1 to $375 million by the end of Year 2 Accruals actually increased from $0 in Year 1 to $70 million at the end of Year 2 In Year 2, Cute Camel Woodcraft Company was profitable. This statement is ____, because: Cute Camel's total assets increased between Years 1 and 2 Cute Camel's retained earnings account increased between the end of Years 1 and 2 The cash and equivalents account increased between Years 1 and 2 If Cute Camel ever goes bankrupt, its common stockholders will be paid off first, then its debtholders and preferred stockholders. This statement is _____, because: Debtholders are treated as residual investors Debtholders and preferred shareholders are considered residual investors Common shareholders are treated as residual investors Based on your understanding of the different items reported in the balance sheet and the information they provide, which statement regarding Cute Camel Woodcraft Company's balance sheet is consistent with U.S. Generally Accepted Accounting Principles (GAAP)? The company's assets should be listed in the order in which they are to be converted into cash. The company's assets should be listed in alphabetical order. The company's assets should be listed from those carrying the largest balance to those with the smallest balance