Did the company become more or less liquid during the year

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Reference no: EM131107937

3.1 Sources and Uses of Cash Consider the following balance sheets for the Philippe Corporation. Calculate the changes in the various accounts and, where applicable, identify the change as a source or use of cash. What were the major sources and uses of cash? Did the company become more or less liquid during the year? What happened to cash during the year?

PHILIPPE CORPORATION 2011 and 2012 Balance Sheets ($ in millions)
2011		2012
Assets
Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets	$ 210	$ 215
	355	310
	507	328
	$1,072	$ 853
	$6,085	$6,527
	$7,157	$7,380
Liabilities and Owners' Equity
Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity	$ 207	$ 298
	1,715	1,427
	$1,922	$1,725
	$1,987	$2,308
	$1,000	$1,000
	2,248	2,347
	$3,248	$3,347
	$7,157	$7,380

Reference no: EM131107937

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