This statement is _____ because A) Total inventories of raw materials, work-in-process, and final goods increased from 2,970 to 3,712 million between Year 1 and Year 2. B) The accruals balance decreased by 176 million between Years 1 and 2. C) Total inventories of raw materials, work-in-process, and final goods decreased by $742 million between Year 1 and Year 2.

Statement \# 1: Cold Goose's net collection of inventory items increased by more than the firm's sales between Years 1 and 2. This statement is , because: Total inventories of raw materials, work-in-process, and final goods increased from $2,970 million to $3,712 million between Year Year 2 The accruals balance decreased by $176 million between Years 1 and 2 Total inventories of raw materials, work-in-process, and final goods decreased by $742 million between Year 1 and Year 2 Statement \#2: Over the past two years, Cold Goose Metal Works Inc. has relied more on the use of short-term debt than on long-term debt financing. This statement is , because: Cold Goose's total current liabilities decreased by $235 million, while its long-term debt account decreased by $702 million Cold Goose's total current liabilities increased by $235 million, while its use of long-term debt increased by $702 million Cold Goose's total notes payable increased by $59 million, while its common stock account increased by $1,828 million Statement \#3: The book value of one of Cold Goose's fixed assets is calculated as the original cost of the asset minus its annual depreciation expense. Statement \#3: The book value of one of Cold Goose's fixed assets is calculated as the original cost of the asset minus its annual depreciation expense. This statement is , because: An asset's net book value is calculated by subtracting its annual depreciation expense from its total historic and installation costs An asset's net book value is calculated by adding its annual depreciation expense to its total historic and installation costs An asset's net book value is calculated by subtracting its accumulated depreciation expense from its total historic and installation costs Based on your understanding of the different items reported in the balance sheet and the information they provide, which statement regarding Col Goose Metal Works Inc.'s balance sheet is consistent with U.S. Generally Accepted Accounting Principles (GAAP)? The company's assets should be listed in alphabetical order. The company's assets should be listed from those carrying the largest balance to those with the smallest balance. The company's assets should be listed in the order in which they are to be converted into cash. 2. Balance sheet 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. Cold Goose Metal Works Inc. 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. Given the information in the preceding balance sheet-and assuming that Cold Goose Metal Works Inc. 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