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 Fuzzy Button Clothing 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 Fuzzy Button Clothing Company Balance Sheet for Year Ending December 31 ons o Dollars Year 2 Year 1 Year 2 Year 1 Liabilities and equity Assets Current liabilities: Current assets: Cash and equivalents $1,384 $1,107 Accounts payable $0 $0 Accounts receivable 506 405 Accruals 70 1,188 Notes payable Inventories 485 399 375 $3,375 Total current assets $2,700 Total current liabilities $469 $375 Net fixed assets: Long-term debt 406 1,1 25 $1,500 Net plant and equipment $4,125 $3,300 Total debt $1,875 Common equity: Common stock 3,656 2,925 Retained earnings 969 575 Total common equity $5,625 $4,500 Total assets $7,500 $6,000 Total liabilities and equity $7,500 $6,000