1. Consider the following balance sheets for the Philippe Corporation. Calculate the chang in the various accounts and, where applicable, idenlify 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? PHILIPPE CDRPDRATIDN Balance Sheets as of December 31, 2991 and 2992 [$ in millions] 2991 2992 Assets Current assets Cash $ 219 $ 215 Accounts receivable 3.95 319 Inventory E92 323 Total $1,922 $ 393 Fixed assets Net plant and equipment $3,935 $3,522 \"Total assets $2,132 $2,339 Liabilities and wners' Equity Current liabilies Accounts payable $ 292 $ 293 Notes payable 1,215 1,422 Total $1,922 $1,225 Long-term debt $1,932 $2,393 wners' equity Common stock and paid-in surplus $1,999 $1,999 Retained earnings 2,243 2,342 Total $3,243 $3,342 Total liabiliIies and owners' equity $2,152 $2,339