roblem 2-29 Statement of Cash Flows (LG2-5)

Use the balance sheet and income statement below:

CLANCYS DOG BISCUIT CORPORATION
Balance Sheet as of December 31, 2021 and 2020
(in millions of dollars)
Assets	2021				2020				Liabilities and Equity	2021				2020
Current assets:									Current liabilities:
Cash and marketable securities	$	2			$	2			Accrued wages and taxes	$	16			$	10
Accounts receivable		43				33			Accounts payable		30				28
Inventory		47				38			Notes payable		31				26
Total	$	92			$	73			Total	$	77			$	64
Fixed assets:									Long-term debt	$	38			$	37
Gross plant and equipment	$	115			$	96			Stockholders equity:
Less: Accumulated depreciation		37				28			Preferred stock (2 million shares)	$	2			$	2
Net plant and equipment	$	78			$	68			Common stock and paid-in-surplus (5 million shares)		11				11
Other long-term assets		31				31			Retained earnings		73				58
Total	$	109			$	99			Total	$	86			$	71
Total assets	$	201			$	172			Total liabilities and equity	$	201			$	172

CLANCYS DOG BISCUIT CORPORATION
Income Statement for Years Ending December 31, 2021 and 2020
(in millions of dollars)
	2021				2020
Net sales	$	114			$	118
Less: Cost of goods sold		58				54
Gross profits	$	56			$	64
Less: Other operating expenses		11				10
Earnings before interest, taxes depreciation, and amortization (EBITDA)	$	45			$	54
Less: Accumulated depreciation		9				9
Earnings before interest and taxes (EBIT)	$	36			$	54
Less: Interest		9				9
Earnings before taxes (EBT)	$	27			$	36
Less: Taxes		6				8
Net income	$	21			$	28
Less: Preferred stock dividends	$	1			$	1
Net income available to common stockholders	$	20			$	27
Less: Common stock dividends		5				5
Addition to retained earnings	$	15			$	22
Per (common) share data:
Earnings per share (EPS)	$	4.00			$	5.40
Dividends per share (DPS)	$	1.00			$	1.00
Book value per share (BVPS)	$	16.80			$	13.80
Market value (price) per share (MVPS)	$	17.45			$	17.20

Prepare a statement of cash flows for Clancys Dog Biscuit Corporation. (Enter your answers in millions of dollars. Amounts to be deducted should be indicated with a minus sign.)