Question

Question -ロ com/af x-ream-00628 quiz action takeQuiz&quiz probGuid QNAPODA80101000000497820e00500008ck m 1548884445658 0AAA68970168625735368A Statement # 1: Cute Camers accumulated owed financal obligations decreased from Year i to Year 2. This statement is because: lection 2 Accruals actually increased from 0 in Year 1 to $469 million at the end of Year 2 O The accounts payable account remained $0 for both Years 1 and 2 Long-term debt decreased from $2,656 million at the end of Year 1 to $2,500 million by the end of Year Statement #2 : On December 31 of Year 2, Cute Camel Woodcraft Company had $9,225 million of actual money that it could have spent immediately This statement is because O The funds recorded in Cute Camel's accounts recelvable account represents funds that are either cash or can be converted into cash almost immediately O Cute Camel's Year 2 cash and equivalents balance is $23,220 O The funds recorded in Cute Camel's cash and equivalents account represents funds that are either cash or can be converted into cash almost immed ately Statement # 3: The book value of one of Cute Camel's fixed assets is calculated as the original cost of the asset minus its annual depreciation expense. This statement is , because O An asset's net book value is calculated by adding its annual depreciation expense to its total historic and installation costs O An asset's net book value is calculated by subtracting its annual depreciation expense from its total historic and installation costs O An asset's net book value is calculated by subtracting its accumulated depreciation expense from its total historic and installation costs 53:43

Answer 1

Statement #1)
This statement is true because "Long term debt decreased from $2656 million at the end of Year 1
to $2500 million by the end of Year 2."
Statement #2)
This statement is true because "Cute Camel's Year 2 cash and equivalents balance is #23220."
Statement #3)
This statement is false because "An asset's net book value is calculated by substracting its accumulated
depreciation expense from its total historic and installation costs."