The following data are taken from the financial statements of Armstrong Company at the end of 2008 (in millions).

Required

1. Prepare Armstrong Company's statement of cash flows for the year ended December 31, 2008. Follow the solution of the summary problem starting on page 25. Not all the items given appear on the statement of cash flows.
2. Which activities provided the largest amount of Armstrong's cash? Is this a sign of financial strength or weakness? (Challenge)

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Sales of property, plant, $9,100 200 300 Revenues and equipment $ 20 Cash, beginning of year Adjust ments to reconcile end of year.. net income to net cash Purchases of property plant, and equipment. 500 200 700 170 2,800 370 provided by operating activities.... Cost of goods s Other investing cash 5,500 Long-term debt Net income. 80 Payment of dividends.... 1,700 Common stock 2,900 Issuance of common stock.... receipts Accounts receivable