This statement is because: The decrease from $844 million to $675 million implies a net decrease in accounts receivable and that more customers are paying off their receivables balances than are buying on credit The $169 increase in accounts receivable means either that year I's existing credit customers are not paying off their owed balances and new or existing customers are making additional purchases on credit, or that Year 1's credit customers have repaid their owed balances and Year 2 credit sales have exceeded Year 1's credit sales The change from $1,980 million to $2,475 million reflects a net accumulation of new credit sales Based on your understanding of the different items reported in the balance sheet and the information they provide, which statement regarding Cold Goose Metal Works Inc.'s balance sheet is consistent with U.S. Generally Accepted Accounting Principles (GAAP)? The company's sets should be listed in alphabetical order. The company's assets should be listed in the order in which they are to be converted into cash. The company's assets should be listed from those carrying the largest balance to those with the smallest balance, ments, Cash Flow, and Taxes 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 $0 117 0 Cold Goose Metal Works Inc.Balance Sheet for Year Ending December 31 (Millions of dollars) Year 2 Year 1 Year 2 Year 1 Assets Liabilities and equity Current assets Current liabilities: Cash and equivalents $2,306 $1,845 Accounts payable $0 Accounts receivable 844 675 Accruals Inventories 2,475 1,980 Notes payable 664 625 Total current assets $5,625 $4,500 Total current liabilities $781 Net fixed assets: Long-term debt 2,344 1,875 Net plant and equipment 56,875 $5,500 Total debt $3,125 $2,500 Common equity Common stock 6,094 4,875 Retained earnings 3,281 2,625 Total common equity $9,375 $7,500 Total assets $12,500 $10,000 Total liabilities and equity $12.500 $10,000 $625 Galven 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. 3: Assignment - Financial Statements, Cash Flow, and Taxes Q Search this Year 1 $0 so Cold Goose Metal Works Inc.Balance Sheet for Year Ending December 31 (Millions of dollars) Year 2 Year 1 Year 2 Assets Liabilities and equity Current assets Current fiabilities: Cash and equivalents 52,306 $1,845 Accounts payable Accounts receivable 844 675 Accruals Inventores 2,475 1,980 Notes payable Total current assets 55,625 $4,500 Total current liabilities 9781 NetTixed assets Long-term debt 2,344 Net plant and equipment $6,875 $5,500 Total debt $3,125 Common equity Common stock 6,094 Retained earnings 3,281 Total common equity $9,375 Total assets $12.500 $10,000 Total liabilities and equity $12,500 112 0 664 625 $625 1,875 $2,500 4,875 2,625 $7,500 $10.000 Given the information in the preceding balance sheet-and assuming that Cold.com outstanding-read each of the following statement