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Financial INTERPRETING FINANCIAL STATEMENTS Analysis CT3-4 Chieftain International, Inc., is an oil and natural gas exploration and production company. A recent balance sheet reported $208 million in assets with only $4.6 million in E liabilities, all of which were short-term accounts payable. During the year, expanded its holdings of oil and gas rights, drilled 37 new wells, and invested in expensive 3 seismic technology. The company generated $19 million cash from activities and paid no dividends. It had a cash balance of $102 million at the end of the year. Instructions Chieftain from having long-term debt. Can you (a) Name at least two advantages to no (b) think of disadvantages? having this large a cash balance? What are some of the advantages to Chieftain from What is a disadvantage? in accounts payable, since (c) Why do you suppose Chieftain has the $4.6 million balance it appears that it could have made all its purchases for cash