Green Caterpillar Garden Supplies Inc. Balance Sheet Years ending December 31 ASSETS Current assets: Cash and equivalents Accounts receivables Inventory Total current assets Net fixed assets: Net plant and equipment Total assets LIABILITIES AND EQUITY Current liabilities: Accounts payable Accruals Notes payable Total current liabilities Long-term bonds Total debt Common equity: Common stock Retained earnings Total common equity Total liabilities and equity Year 2 Year 1 $138,375 $110,700 $50,625 $40,500 $148,500 $118,800 $337,500 $270,000 $412,500 $330,000 $750,000 $600,000 $0 $0 $7,031 $0 $39,844 $37,500 $46,875 $37,500 $140,625 $112,500 $187,500 $150,000 $365,625 $292,500 $196,875 $157,500 $562,500 $450,000 $750,000 $600,000 Green Caterpillar's accumulated owed financial obligations decreased from Year 1 to Year 2. This statement is , because: Notes payable actually increased from $39,844 to $37,500 between Years 1 and 2. O long-term bonds decreased from $39,844 at the end of Year 1 to $37,500 by the end of Year 2. The accounts payable account remained $0 for both Years 1 and 2. Accruals actually increased from $0 in Year 1 to $7,031 at the end of Year 2. Green Caterpillar's accumulated owed financial obligations decreased from Year 1 to Year 2. This statement is , because: Notes p true actually increased from $39,844 to $37,500 between Years 1 and 2. long-ter false s decreased from $39,844 at the end of Year 1 to $37,500 by the end of Year 2. The accounts payable account remained $0 for both Years 1 and 2. Accruals actually increased from $0 in Year 1 to $7,031 at the end of Year 2