Statement #1; Cute Camel's accumulated owed financial obligations decreased from Year 1 to Year 2. This statement is becaure: Long-term debt decreased from $2,324 million at the end of Year 1 to $2,187 mililion by the end of Year 2 . Accruals actually increased from $0 in Year 1 to $410 million at the end of Year 2. Notes payable actually increased from $2,324 million to $2,187 miliion between Years 1 and 2. Statement az: Over the past two years, Cute Carnel Woodcraft Company has relied more on the use of short-term debt than on long-term debt finanong. This statement is , because Cute Camelis total current Habilties decreased by $547 malion, while its to 4 -term debt account decreased by $1,640 milion. Cute Camels total current liabilities increased by $547 milion, while its use of long-term debt increased by $1,640 million. Cute Camelis total notes payable increased by $137 million, while its common stock account increased by $4,265 milion. Statement 83 : if Cute Camel ever goes bankrupt, its common shareholders will be paid off first, then its debtholders and preferred stockholders. This statement is , because: Debtholders and peeferred shareholders are considered residual investors. Debtholders are treated as residual investors. Common sharehoiders are treated as residual imvestors. Based on your understanding of the different items reported on the balance sheet and the information they provide, which statement regarding Cute Camel Woodcraft Company's balance sheet is consistent with U.5. Generally Accepted Accounting Principles (GAAP)? The company's gebts should be listed from those carying the largest balance to those with the smallest balance. The company's debts are listed in the order in which they are to be repaid. The company debts should be listed in ender of their fiquidity. The balance sheet provides a snapshot of the financlal 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. Cute Camel Woodcraft Company 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. Cute Camel Woodcraft Company BaLance Sheet for Year Ending December 31 Given the information in the preceding balance sheet-and assuming that Cute Camel Woodcraft Company 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. Statement #1; Cute Camel's accumulated owed financial obligations decreased from Year 1 to Year 2. This statement is becaure: Long-term debt decreased from $2,324 million at the end of Year 1 to $2,187 mililion by the end of Year 2 . Accruals actually increased from $0 in Year 1 to $410 million at the end of Year 2. Notes payable actually increased from $2,324 million to $2,187 miliion between Years 1 and 2. Statement az: Over the past two years, Cute Carnel Woodcraft Company has relied more on the use of short-term debt than on long-term debt finanong. This statement is , because Cute Camelis total current Habilties decreased by $547 malion, while its to 4 -term debt account decreased by $1,640 milion. Cute Camels total current liabilities increased by $547 milion, while its use of long-term debt increased by $1,640 million. Cute Camelis total notes payable increased by $137 million, while its common stock account increased by $4,265 milion. Statement 83 : if Cute Camel ever goes bankrupt, its common shareholders will be paid off first, then its debtholders and preferred stockholders. This statement is , because: Debtholders and peeferred shareholders are considered residual investors. Debtholders are treated as residual investors. Common sharehoiders are treated as residual imvestors. Based on your understanding of the different items reported on the balance sheet and the information they provide, which statement regarding Cute Camel Woodcraft Company's balance sheet is consistent with U.5. Generally Accepted Accounting Principles (GAAP)? The company's gebts should be listed from those carying the largest balance to those with the smallest balance. The company's debts are listed in the order in which they are to be repaid. The company debts should be listed in ender of their fiquidity. The balance sheet provides a snapshot of the financlal 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. Cute Camel Woodcraft Company 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. Cute Camel Woodcraft Company BaLance Sheet for Year Ending December 31 Given the information in the preceding balance sheet-and assuming that Cute Camel Woodcraft Company 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
