NAME: roblem #2: Prepare a Cash Flow Statement (Sources and Uses, 3 section) using the balance sheet and income statement presented for Philippe Corp. PHILIPPE CORPORATION 2017 and 2018 Balance Sheets (S in millions) 2017 2018 Assets Current assets Cash S 215 310 Accounts receivable S210 355 507 $1.072 _328 Inventory S853 Total S6.527 Fixed assets Net plant and equipment S6.085 $ 7.157 Total assets Liabilities and Owners' Equity 57.350 Current liabilities 5207 Accounts payable 1.215 Notes payable Total S 298 1.427 $1.725 $2.308 $1.922 $21.987 Long-term debt Owners' equity Common stock and paid-in surplus $1.000 2.347 Retained earnings $ 1.000 2.248 53.248 $ 7.157 S3.347 Total S7.380 Total liabilities and owners' equity Problem 2: continued: PHILIPPE CORPORATION 2018 Income Statement 15 in millions) Sales $4,053 2.816 Cost of goods sold Depreciation 550 Earnings before interest and taxes S 687 Interest paid 502 S 185 Taxable income Taxes (216) S 146 Net income Dividends $ 47 Addition to retained earnings 99