Use the balance sheet and income statement below: 2021 2020 CLANCY'S DOG BISCUIT CORPORATION Balance Sheet as of December 31, 2021 and 2020 (in millions of dollars) 2021 2020 Liabilities and Equity Current liabilities: $ 10 $ 10 Accrued wages and taxes 40 32 Accounts payable 42 37 Notes payable $ 79 Total Long-term debt $112 $ 94 Stockholders' equity: 35 27 Preferred stock (2 million shares) $ 77 S 67 Common stock and paid-in-surplus (5 million shares) 30 30 Retained earnings $107 $ 97 Total $199 $176 Total liabilities and equity Assets Current assets: Cash and marketable securities Accounts receivable Inventory Total Fixed assets: Gross plant and equipment Less: Accumulated depreciation Net plant and equipment Other long-term assets Total S 14 29 29 S 72 S 40 $ 92 33533 S 9 27 25 $ 61 S 45 S 2 11 S 2 11 57 S 70 $176 S 87 $199 Total assets CLANCY'S DOG BISCUIT CORPORATION Income Statement for Years Ending December 31, 2021 and 2020 (in millions of dollars) 2021 2020 Net sales $ 112 S 116 Less: Cost of goods sold 57 53 Gross profits S 55 S 63 Less: Other operating expenses 10 9 Earnings before interest, taxes depreciation, and amortization (EBITDA) S 45 S 54 Less: Accumulated depreciation 8 Earnings before interest and taxes (EBIT) S 37 S 54 Less: Interest 8 8 Earnings before taxes (EBT) S 29 S 38 Less: Taxes 6 8 Net income $ 23 S 30 Less: Preferred stock dividends $ 1 S 1 Net income available to common stockholders S 22 $ 29 Less: Common stock dividends 5 5 Addition to retained earnings S 17 $ 24 Per (common) share data: Earnings per share (EPS) $ 4.40 $ 5.80 Dividends per share (DPS) $ 1.00 $ 1.00 Book value per share (BVPS) $17.00 $13.60 Market value (price) per share (MVPS) $17.65 $17.00 att Prepare a statement of cash flows for Clancy's Dog Biscuit Corporation. (Enter your answers in millions of dollars. Amounts to be deducted should be indicated with a minus sign.) Answer is not complete. Statement of Cash Flows for Year Ending December 31, 2021 (in millions of dollars) Cash flows from operating activities Net income 23 Additions (sources of cash): Depreciation Increase in accrued wages and taxes Increase in accounts payable 2 Subtractions (uses of cash): Increase in accounts receivable 8 >> 8 > $ 25 > $ Ooo SO $ 18 Net cash flow from operating activities Cash flows from investing activities Subtractions: Increase in fixed assets Increase in other long-term assets Net cash flow from investing activities Cash flows from financing activities Additions: Increase in notes payable Increase in long-term debt Increase in common and preferred stock Subtractions: Common stock dividends Preferred stock dividends Net cash flow from financing activities Net change in cash and marketable securities 4 > >>> 0 5 1 >>IX $ (43) $