2021 2020 24 Assets Current assets: Cash and marketable securities Accounts receivable Inventory Total Fixed assets: Gross plant and equipment Less: Accumulated depreciation Net plant and equipment Other long-term assets Total Total assets CLANCY'S DOG BISCUIT CORPORATION Balance Sheet as of December 31, 2021 and 2020 (in millions of dollars) 2021 2020 Liabilities and Equity Current liabilities: $ 2 $ 2 Accrued wages and taxes 29 Accounts payable 35 29 Notes payable $ 66 $ 55 Total Long-term debt $ 100 $ 78 Stockholders' equity: 26 19 Preferred stock (2 million shares) $ 74 $ 59 Common stock and paid-in-surplus (5 million shares) 22 22 Retained earnings $ 96 $ 81 Total $ 162 $ 136 Total liabilities and equity $ 20 23 24 $ 67 $ 21 $ 13 21 19 $ 53 $ 21 $ 2 2 11 61 $ 74 $162 $ 2 11 49 $ 62 $ 136 CLANCY'S DOG BISCUIT CORPORATION Income Statement for Years Ending December 31, 2021 and 2020 (in millions of dollars) 2021 2020 Net sales $ 96 $ 100 Less: Cost of goods sold 49 45 Gross profits $ 47 $ 55 Less: Other operating expenses 9 8 Earnings before interest, taxes depreciation, and amortization (EBITDA) $ 38 $ 47 Less: Accumulated depreciation 7 7 7 Earnings before interest and taxes (EBIT) $ 31 $ 47 Less: Interest 8 8 Earnings before taxes (EBT) $ 23 $ $ 32 Less: Taxes 5 7 Net income $ 18 $ 25 Less: Preferred stock dividends $ 1 $ 1 Net income available to common stockholders $ 17 $ 24 Less: Common stock dividends 5 5 Addition to retained earnings $ 12 $ 19 Per (common) share data: Earnings per share (EPS) $ 3.40 $ 4.80 Dividends per share (DPS) $ 1.00 $ 1.00 Book value per share (BVPS) $14.40 $12.00 Market value (price) per share (MVPS) $ 15.05 $ 15.40 Prepare a statement of cash flows for Clancy's Dog Biscuit Corporation. (Enter your answers in millions of dollars. Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows for Year Ending December 31, 2021 (in millions of dollars) Cash flows from operating activities Additions (sources of cash): Subtractions (uses of cash): Net cash flow from operating activities Cash flows from investing activities Subtractions: Net cash flow from investing activities Cash flows from financing activities Additions: Subtractions: Net cash flow from financing activities Net change in cash and marketable securities