Financial data from three competitors in the same industry follow.
1. Which of the three competitors is in the strongest position as shown by its statement of cash flows?
2. Analyze and discuss the strength of Pe̱a۪s cash flow on total assets ratio to that ofGarcia.

($ thousands) Cash provided (used) by operating activities Cash provided (used) by investing activities Piniella $ (48,000) 52,000 Pea Garcia 140,000 120,000 Proceeds from sale of operating assets Purchase of operating assets Proceeds from issuance of debt Repayment of debt (56,000) (68,000) Cash provided (used) by financing activities 46,000 $ 50,000 1,580,000 1,250,000 600,000 (12,000) $72,000 Net increase (decrease) in cash 52,000 Average total assets