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Britton String Corp.: Partial Balance Sheets as of December 31 (Millions of dollars) 2022 2021 Assets Cash and cash equivalents $ 79 $ 62 Short-term investments 44 38 Accounts receivable 120 140 Inventories 286 216 Total current assets $529 $456 Net fixed assets 300 264 Total assets $829 $720 Liabilities and Equity Accounts payable $ 79 $ 74 Accruals 50 56 Notes payable 33 37 Total current liabilities $162 $167 Long-term debt 200 166 Total liabilities $362 $333 Common stock ? 241 Retained earnings ? 146 Total common equity ? $387 Total liabilities and equity $720 The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis to answer the questions below Do not round Intermediate calculations. Enter your answers in millions. For example, an answer of $1 million should be entered os 1, not 1,000,000. Round your answers to the nearest whole number. Use a minus sign to enter negative values, if any. a. Britton String Corp. manufactures specialty strings for musical Instruments and tennis racquets. Its most recent sales were $860 million; operating costs (excluding depreciation) were equal to 85% of sales; net fixed assets were $300 million; depreciation amounted to 9% of net fixed assets; interest expenses were $22 million; the state-plus-federal corporate tax rate was 25%; and it paid 40% of its net income out in dividends. Given this Information, construct its Income statement. Also calculate total dividends and the addition to retained earnings Britton String Corp.: Income Statement for Year Ending December 31, 2022 (Millions of Dollars) 2022 $ $ Sales Operating costs excluding depreciation EBITDA Depreciation Interest expense Taxes (256) Net Income $ $ $ Common dividends Addition to retained earnings $ $ b. Britton issued $44 million of new common stock in the most recent year. Using this information and the results from part a, fill in the missing values for common stock, retained earnings, total common equity, and total liabilities and equity. Britton String Corp.: Partial Balance Sheet as of December 31 (Millions of dollars) 2022 $ Common stock Retained earnings Total common equity Total liabilities and equity $ $ c. Construct the statement of cash flows for 2022 Britton string Corp.: Statement of Cash Flows for 2022 (Millions of Dollars) 2022 $ Operating Activities Net Income Noncash adjustments Depreciation Working capital adjustments Due to change in accounts receivable Due to change in inventories Due to change in accounts payable Due to change in accruals Net cash provided (used) by operating activities $ Investing Activities Cash used to acquire fixed assets Due to change in short-term investments Net cash provided (used) by investing activities $ $ Financing Activities Due to change in notes payable Due to change in long-term debt Due to change in common stock Payment of common dividends Net cash provided (used) by financing activities $ Summary Net increase/decrease in cash Cash at the beginning of the year Cash at the end of the year $

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