D Question 47 1 pts During the year 2011, which of the following was true? U.S. CORPORATION 2011 and 2012 Balance Sheets ($ in millions) Assets Liabilities and Owners' Equity 2011 2012 2011 2012 Current assets Current liabilities Cash $ 104 $ 160 Accounts payable $ 232 $ 266 Accounts receivable 455 688 Notes payable 196 123 Inventory 553 555 Total Current liabilities $ 428 $ 389 Total Current Assets $1,112 $1,403 Fixed assets Net plant and Long-term debt $ 408 $ 454 equipment $1,644 $1,709 Total Liabilities 836 843 Owners' equity Common stock 600 640 Retained earnings 1,320 1,629 Total Owners' Equity $1,920 $2,269 Total liabilities and Total assets $2,756 $3,112 owners' equity $2,756 $3,112 It was used to pay down long-term debt It was received from selling equipment It was used to pay down current liabilities Overall, more cash was spent than received during the year