In this paper, in addition to presenting the computed answers, please also discuss how you arrived at each answer the accounting problem asks. The accounting problem presents a company's balance sheet, income statement, and statement of cash flows for a theoretical company, Polly's Pet Products. Each of these statements has blank lines. Determine the values that would be appropriate for each blank line. Provide a narrative of how you arrived at each value. Include in this narrative an explanation of: 1. the financial statement being completed; 2. the account being valued; 3. its relationship to the other financial data. For example, if the accounts payable (AP) line was missing, describe what a balance sheet is and explain that you can derive the AP value based on knowing all the other values of the current liabilities section. Then explain what an account liability is, as well as why it would belong in the current liabilities section of the balance sheet. Finally, analyze, evaluate, and develop a conclusion about the company's performance based on the completed statements. Please refer to the income statement, balance sheet, and statement of cash flows of Polly's Pet Products. Superior papers will mention and explain the following elements when responding to the assignment question: .Provide correct balances for the blank financial account lines. Define the financial statement being completed. Discuss how the values were determined. Define and explain each account line that was completed. Analyze, evaluate, and develop conclusions about the company's performance based on the financial information. Format Clipboard Font Alignment Number fr J17 A B C D E F G 1 Polly's Pet Products 2 3 Balance Sheet as of December 31, 2018 ASSETS 6 7 CURRENT ASSETS 8 9 Cash 10 Accounts receivable 50,000 11 Other assets 25,000 12 13 Total current assets 14 15 LONG TERM ASSETS 16 17 Fixed Assets 75,000 18 19 TOTAL ASSETS 20 LIABILITIES AND STOCKHOLDERS' EQUITY 21 22 Stmt of Cash Flows Balance Sheet Income Statement LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable Accrued expenses Income tax payable B Current portion of notes payable e Deferred income taxes 75,000 5,000 12,000 1,500 1 Total current liabilities 123,500 3 LONG TERM LIABILITIES 4 Notes payable (long term) 5 6 TOTAL LIABILITIES 161,500 7 8 STOCKHOLDERS' EQUITY Balance Sheet Income Statement Stmt of Cash Flows 87 88 STOCKHOLDERS' EQUITY 39 40 Common stock 41 Additional paid-in capital 5,000 15,000 42 43 Retained Earnings 44 45 Total stockholders' equity 46 47 TOTAL LIABILITIES AND STOCKHOLDERS EQUITY Font Alignment Number B23 fx A B C D E F G H 1 Polly's Pet Products J K 2 3 Income Statement as of December 31, 2018 4 5 6 Revenues 650,000 7 8 Operating Costs 9 10 Gross Profit 205,000 11 12 General and Administrative Expenses 75,000 13 14 Operating Income 15 16 Other Expense 60,000 17 18 Income Before Provision for Income Taxes 19 20 Provision for Income Taxes 5,000 21 22 Net Income 23 24 25 Retained Earnings, Beginning Balance 103,500 26 27 Net Income 28 29 Retained Earnings, Ending Balance 30 31 32 Balance Sheet Income Statement Stmt of Cash Flows Ready Type here to search x Formatting Table Sty Clipboard Font Alignment Number Styles for D26 A B C D G. F H J 2 Statement of Cash Flows as of December 31, 2018 5 Cash Flows from Operating Activities 6 Cash received from customers 600,000 7 Cash paid out to suppliers and employees 8 Interest paid 9 Taxes paid (5,000) (10,000) Net cash provided by operating activities 10 185,000 11 12 Cash Flows from Investing Activities 13 Purchase of fixed assets (25,000) Net cash used in investing activities 14 (25,000) 15 16 Cash Flows from Financing Activities 17 New loans 50,000 18 Repayments on loans 19 Issuance of common shares of stock (45,000) 5,000 Net cash provided by financing activities 20 21 Net change in Cash 22 23 Cash balance, beginning of year 30,000 24 25 Cash balance, end of year 26 27 28 Balance Sheet Stmt of Cash Flows Income Statement Ready E e Type here to search