XYZ Corporation.

Balance sheet as of December 31, 2021 and 2020 ($millions)

Assets 2021 2020

Current assets:

Cash and marketable securities $300 $295

Accounts receivable 415 385

Inventory 780 520

Total $ 1,495 $ 1,200

Fixed assets:

Gross plant and equipment $2,587 $1,986

Less: accumulated depreciation 450 350

Net plant and equipment $2,137 $1,636

Other long-term assets 422 350

Total $2,559 $2,022

Total assets $ 4,054 $ 3,222

Commitments and equity

current liabilities:

Accrued wages and taxes $245 $210

Accounts payable 315 298

Unpaid documents 520 452

Total $1,080 $960

Long-term debt: 2028 1,430

Equity:

Preferred Stock (25 million shares) $25 $25

Share capital and paid surplus

(200 million shares) 350 350

Retained earnings 571 437

Total $946 $812

Total liabilities and equity $4,054 $3,222

Income Statement for Years Ended December 31, 2021 and 2020

2021 2020

Net sales $2,156 $1,849

Less: Cost of goods sold 950 815

Gross earnings $1,206 $1,034

Less:Other operating expenses 98 115

EBITDA $1,108 $919

Less: Depreciation 90 85

EBIT $1,018 $834

Less: Interest 101 120

Earnings Before Taxes (EBT) $917 $714

Less: Taxes 158 132

Net Income $759 $582

Less: Preferred Stock Dividends 75 75

Net income available to common stockholders $684 $507

Less: common stock dividends 300 300

Addition to retained earnings $384 $207

Statement of Cash Flows for the Year Ending December 31, 2021

2021

cash flows from operating activities

Grandsons?

Further:

depreciation 90

Increase in wages and accrued taxes ?

Increase in accounts payable 17

Any less:

Increase in accounts receivable $(30)

Inventory increase?

Net cash flow from operating activities: ?

Cash flows from investing activities

Any less:

Increase in fixed assets $ (601)

Increase in other long-term assets ?

Net cash flow from investing activities ?

Cash flows from financing activities

Further:

Increase in notes payable 68

Increase in long-term debt?

Increase in common and preferred shares 0

Any less:

Pay dividends?

Net cash flow from financing activities: $271

Net change in cash and marketable securities $5

Using information from the balance sheet and income statement, complete the statement of cash flows for the year ending December 31, 2021, and explain how you arrived at the missing figures (?).