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Preparing for Finance - Accounting II Which of the following statements accurately describes the balance sheet? Check all that apply. Allows assets to exceed liabilities plus equity if the company's stock price has grown rapidly Allows the book value and market value of equity to be different Shows operating performance over a period of time Shows asset, liability, and equity account values over a period of time Complete the following statement: appears on the income statement and Depreciation represents the loss in a fixed asset's value due to aging. Depreciation expense represents the reduction in fixed assets' values over the previous accounting period. Accumulated depreciation appears on the balance sheet and represents the cumulative value reduction in the firm's present fixed asset holdings since their acquisition. Complete the missing balance sheet entries for Travers & Co.'s balance sheets for the years ending 2004 and 2005 based on the following statements: Travers issued $20 million of new common stock. Travers had net income available to common shareholders of $77 million during 2005. At the end of 2005, Travers paid out $61 million in common dividends. Travers neither issued nor retired long-term debt during 2005. In 2005, Travers had cash flows from operating activities of $147 million, cash flow from investing activities of -$80 million, and cash flow from financing activities of -$26 million. BALANCE SHEET (Millions of dollars) Yr 2 Yr 1 Yr 1 Cash Accounts payable $ 100 Notes payable 52 Accounts receivable Inventories Accrued liabilities 50 Total current assets 202 $ 202 Total current liabilities Long-term debt 150 150 253 $ 352 Total liabilities Preferred stock Common stock 50 Retained earnings 208 Total common equity $258 Total liabilities and equity $ 610 A B D E F G H I Net fixed assets Total assets 111111111 A 170 190 B $ 280 H $ 10 140 210 $360 $250 $ 610 ***91888-0968 Yr 2 $118. 67 62 $ 247 C D E F G