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 companys balance sheet, income statement, and statement of cash flows for a theoretical company, Pollys 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 companys performance based on the completed statements.

Please refer to the income statement, balance sheet, and statement of cash flows of Pollys 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 companys performance based on the financial information.

Balance Sheet as of December 31, 2018
ASSETS
CURRENT ASSETS
Cash
Accounts receivable		50,000
Other assets		25,000
Total current assets
LONG TERM ASSETS
Fixed Assets		75,000
TOTAL ASSETS
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable		75,000
Accrued expenses
Income tax payable		5,000
Current portion of notes payable		12,000
Deferred income taxes		1,500
Total current liabilities		123,500
LONG TERM LIABILITIES
Notes payable (long term)
TOTAL LIABILITIES		161,500
STOCKHOLDERS' EQUITY
Common stock	5,000
Additional paid-in capital	15,000
Retained Earnings
Total stockholders' equity
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY