a. Prepare the statement of cash flows, with a total column for the three-year period. (Do not include reconciliation).

b. Comment on significant cash flow items in the statement prepared in (a).

c. Prepare the statement of cash flows for 2009, with inflows separated from outflows. Present the data in dollars and percentages. Do not include reconciliation of net income to net cash provided by operating activities.

d. Comment on significant cash flow items on the statement prepared in (c).

*‘‘The Registrant, Arden Group, Inc. (Company or Arden), is a holding company which conducts operations through its wholly-owned subsidiary, Arden-Mayfair, Inc. (Arden-Mayfair) and Arden-Mayfair's wholly-owned subsidiary, Gelson's Markets (Gelson's), which operates supermarkets in Southern California. The Company also owns certain real estate properties through a subsidiary, Mayfair Realty, Inc. (Mayfair Realty) which is wholly-owned by the Company.''10-K

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ARDEN GROUP, INC, AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Fifty Three Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended January 3. December 29, December 30, 2007 In thousands) 2009 2006 Cash flows from operating activities: Cash received from customers Cash paid to suppliers and employees Interest and dividends received Interest paid Income taxes paid S 479,578 (437,970) 2,513 (109) $ 482,645 (440,735) 2,580 (125) S 485,819 (438,044) 3,186 (99) (15.545 (20.660(17645 30,202 Net cash provided by operating activities 26,720 Fifty-Three Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended January 3. December 29, December 30 2007 In thousands) 2009 2006 Cash flows from investing activities: Capital expenditures Purchases of investments Sales of investments Proceeds from the sale of property, plant and equipment (5,159) (25,130) 35,556 (4,868) (827) (3,824) (945) 2,751 215 28 Net cash provided by (used) in investing activities 5,288 (4.739 2.279) Cash flows from financing activities: Purchase and retirement of Company stock Principal payments under capital lease obligations Cash dividends paid (19,999) (221) 3.267 (225) 3,161 (82.188) 386 (23487) 22,077 36,842 58,919 (82.188) ー Net cash used in financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year (48,433) 58,919 S 10,486 504 36,338 S 36,842