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2. Balance sheet 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. Blue Hamster Manufacturing Inc. 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 sheet. Blue Hamster Manufacturing Inc. Balance Sheet for Year Ending December 31 (Millions of Dollars) Year 2 Year 1 Year 2 Year 1 Assets Liabilities and equity Current assets: Current liabilities: Cash and equivalents $2,767 Accounts payable $0 $0 Accounts receivable 1,013 Accruals 176 0 Inventories 2,970 Notes payable 996 937 Total current assets $6,750 Total current liabilities $937 Net fixed assets: Long-term debt 3,515 2,813 Net plant and equipment $8,250 Total debt $4,687 $3,750 Common equity: Common stock 9,141 7,313 Retained earnings 3,937 Total common equity $14,063 $11,250 Total assets $18,750 $15,000 Total liabilities and equity $18,750 $15,000 Given the information in the preceding balance sheet-and assuming that Blue Hamster Manufacturing Inc. 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. $3,459 1,266 3,712 $8,437 Statement #1: Blue Hamster's pool of relatively liquid assets, which are available to support the company's current and future sales, decreased from Year 1 to Year 2. This statement is , because: O Blue Hamster's total current asset balance actually increased from $6,750 million to $8,437 million between Year 1 and Year 2 O Blue Hamster's total current liabilities balance decreased by $1,687 million between Year 1 and Year 2 O Blue Hamster's total current liabilities balance increased from $1,013 million to $1,266 million between Year 1 and Year 2 Statement #2: On December 31 of Year 2, Blue Hamster Manufacturing Inc. had $3,459 million of actual money that it could have spent immediately. This statement is , because: O Blue Hamster's Year 2 cash and equivalents balance is $8,707 O The funds recorded in Blue Hamster's accounts receivable account represents funds that are either cash or can be converted into cash almost immediately O The funds recorded in Blue Hamster's cash and equivalents account represents funds that are either cash or can be converted into cash almost immediately Statement #3: If Blue Hamster ever goes bankrupt, its common stockholders will be paid off first, then its debtholders and preferred stockholders. This statement is , because: O Common shareholders are treated as residual investors O Debtholders are treated as residual investors O Debtholders and preferred shareholders are considered residual investors Based on your understanding of the different items reported in the balance sheet and the information they provide, which statement regarding Blue Hamster Manufacturing Inc.'s balance sheet is consistent with U.S. Generally Accepted Accounting Principles (GAAP)? O The company's assets should be listed from those carrying the largest balance to those with the smallest balance. O The company's assets should be listed in the order in which they are to be converted into cash. O The company's assets should be listed in alphabetical order