3.1 Sources and Uses of Cash 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 hap- pened to cash during the year? PHILIPPE CORPORATION 2020 and 2021 Balance Sheets (in millions) 2020 2021 Assets Current assets Cash $ 210 $ 215 355 310 Accounts receivable Inventory 507 328 $1,072 $ 853 Total $6,085 $6,527 Fixed assets Net plant and equipment $7,157 $7,380 Total assets (continued) Scanned with CamScanner