Statement #$2$: In Year $2,$ Cold Goose Metal Works Inc. was profitable.

$q,$

This statement is $q,$ false $,$ because:

The cash and equivalents account increased between Years $1$ and $2$

Cold Goose's total assets increased between Years $1$ and $2$

Cold Goose's retained earnings pccount increased between the end of Years $1$ and $2$

Statement #$3$: If Cold Goose ever goes bankrupt, its common stockholders will be paid off first, then its debtholders and preferred stockholders.

This statement is $,$ because:

Debtholders are treated as residual investors

Debtholders and preferred shareholders are considered residual investors

Common shareholders are treated as residual investors

Based on your understanding of the different items reported on the balance sheet and the information they provide, which statement regarding Cold Goose Metal Works Inc.$\text{'}$s balance sheet is consistent with U$.$S$.$ Generally Accepted Accounting Principles $($GAAP$)?$

The company's debts should be listed in order of their liquidity.

The company's debts should be listed from those carrying the largest balance to those with the smallest balance.

The company's debts are listed in the order in which they are to be repaid.