Use the balance sheet and income statement below:

CLANCY$$S DOG BISCUIT CORPORATION

Balance Sheet as of December $31,2021$ and $2020$

$($in millions of dollars$)$

Assets $20212020$ Liabilities and Equity $20212020$

Current assets: Current liabilities:

Cash and marketable securities $ $76$ $ $75$ Accrued wages and taxes $ $54$ $ $45$

Accounts receivable $189185$ Accounts payable $154145$

Inventory $320295$ Notes payable $135135$

Total $ $585$ $ $555$ Total $ $343$ $ $325$

Fixed assets: Long$-$term debt $ $583$ $ $564$

Gross plant and equipment $ $1,085$ $ $890$ Stockholders$$ equity:

Less: Accumulated depreciation $154117$ Preferred stock $(6$ thousand shares$)$ $ $6$ $ $6$

Net plant and equipment $ $931$ $ $773$ Common stock and paid$-$in surplus $(100$ thousand shares$)120120$

Other long$-$term assets $142142$ Retained earnings $606455$

Total $ $1,073$ $ $915$ Total $ $732$ $ $581$

Total assets $ $1,658$ $ $1,470$ Total liabilities and equity $ $1,658$ $ $1,470$

CLANCY$$S DOG BISCUIT CORPORATION

Income Statement for Years Ending December $31,2021$ and $2020$

$($in millions of dollars$)$

$20212020$

Net sales $ $900$ $ $810$

Less: Cost of goods sold $393356$

Gross profits $ $507$ $ $454$

Less: Other operating expenses $5145$

Earnings before interest, taxes, depreciation, and amortization $($EBITDA$)$ $ $456$ $ $409$

Less: Accumulated depreciation $(2018)3735$

Earnings before interest and taxes $($EBIT$)$ $ $419$ $ $374$

Less: Interest $5246$

Earnings before taxes $($EBT$)$ $ $367$ $ $328$

Less: Taxes $135115$

Net income $ $232$ $ $213$

Less: Preferred stock dividends $ $6$ $ $6$

Net income available to common stockholders $ $226$ $ $207$

Less: Common stock dividends $7575$

Addition to retained earnings $ $151$ $ $132$

Per $($common$)$ share data:

Earnings per share $($EPS$)$ $ $2\mathrm{.}26$ $ $2\mathrm{.}07$

Dividends per share $($DPS$)$ $ $0\mathrm{.}75$ $ $0\mathrm{.}75$

Book value per share $($BVPS$)$ $ $7\mathrm{.}26$ $ $5\mathrm{.}75$

Market value $($price$)$ per share $($MVPS$)$ $ $8\mathrm{.}29$ $ $6\mathrm{.}23$

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.$)$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.$)$