Consider the following balance sheets for the Philippe Corporation. Calculate the changes in the various accounts and, where applicable, identify the change as a source or use of cash. What were the major sources and uses of cash? Did the company become more or less liquid during the year? What happened to cash during the year?

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PHILIPPE CORPORATION Balance Sheets as of December 31, 1998 and 1999 ($ in millions) Assets Current assets Cash 1998 1999 $ 210 $ 215 Accounts receivable Inventory Total Fixed assets 355 310 507 328 $1,072 $ 853 Net plant and equipment $6,085 $6,527 Total assets $7,157 $7,380 Liabilities and Owners' Equity Current liabilities Accounts payable $ 207 $ 298 Notes payable 1,715 1,427 Total $1,922 $1,725 Long-term debt $1,987 $2,308 Owners' equity Common stock and paid-in surplus $1,000 $1,000 Retained earnings 2,248 2,347 Total $3,248 $3,347 Total liabilities and owners' equity $7,157 $7,380