1 assets liabilities and equity current assets

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1 Assets Liabilities and equity Current assets: Current liabilities: Cash and equivalents $1,845 Accounts payable $0 $0 Accounts receivable 844 675 Accruals 117 Inventories 2,475 1,980 664 625 Notes payable Total current liabilities Total current assets $5,625 $4,500 $625 Net fixed assets: Long-term debt 2,344 1,875 Net plant and equipment $5,500 Total debt $3,125 $2,500 Common equity: Common stock 6,094 4,875 Retained earnings 2,625 Total common equity Total liabilities and equity $9,375 $12,500 $7,500 $10,000
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Total assets $12,500 $10,000 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: O Total inventories of raw materials, work-in-process, and final goods decreased by $495 million between Year 1 and Year 2 The accruals balance decreased by $117 million between Years 1 and 2 Total inventories of raw materials, work-in-process, and final goods increased from $1,980 million to $2,475 million between Year 1 and Year 2 Statement #2: In Year 2, Cold Goose Metal Works Inc. was profitable. This statement is , because: The cash and equivalents account increased between Years 1 and 2 O Cold Goose's total assets increased between Years 1 and 2 O Cold Goose's retained earnings account increased between the end of Years 1 and 2 Statement #3: One way to interpret the change in Cold Goose's accounts receivable balance from Year 1 to Year 2 is
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  • Fall '19
  • Balance Sheet, Generally Accepted Accounting Principles, Cold Goose Metal Works Inc., end of its first year of operation, Goose Metal Works Inc

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