Consider the following simplified Statement of Comprehensive Income and Statement of

Financial Position from Smith Corporations 2018 Annual Report to Shareholders.

Smith Corporation Statement of Comprehensive Income ($ millions)

Net sales	$8,324
Cost of goods sold	$4,988
Depreciation	$1,190
Earnings before interest and taxes	$2,146
Interest paid	$320
Taxable income	$1,826
Taxes	$621
Net income	$1,205

Smith Corporation Statement of Financial Position 2017 & 2018 ($ millions)

	2017	2018		2017	2018
Cash	$5,415	$3,341	Accounts Payable	1,110	1,650
Accounts rec.	$2,460	$979	Notes Payable	2,500	1,900
Inventory	$2,405	$2,885	Total	3,610	3,550
Total	10,280	7,205	Long-Term debt	4,800	4,600
Net fixed assets	12,300	16,720	Common Stock	5,100	5,900
			Retained earnings	9,070	9,875
Total assets	22,580	23,925	Total liabilities and Owners equity	22,580	23,925

d. Calculate cash-flow from assets, cash-flow to debtholders, and cash-flow to equity holders. Does the cash-flow identity hold?