Top managers of Culinary Imports Limited are reviewing company performance for 2020. The income statement reports a \(15 \%\) increase in net income, the fourth consecutive year showing an income increase above \(10 \%\). The income statement includes a non-recurring loss without which net income would have increased by \(16 \%\). The balance sheet shows modest increases in assets, liabilities, and shareholders' equity. The assets posting the largest increases are plant and equipment because the company is halfway through a five-year expansion program. No other asset and nò liabilities are increasing dramatically. A summarized version of the statement of cash flows reports the following:

{Requirement}
Write a memo giving top managers of Culinary Imports Limited your assessment of 2020 operations and your outlook for the future. Focus on the net income and the cash-flow data.

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Net cash provided by operating activities. Ner cash used for investing activities. Net cash provided by financing activities.. Increase in cash daring 2020... $ 310,000 (290,000) 50,000 $ 70,000