Chapter 3 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 2017 and 2018 Balance Sheets $ in millions 2017 RO1 AE Current assets Cash $ 210 $ 215 Accounts receivable 355 310 Inventory 507 328 Total $1,072 $ 853 Fixed assets 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