Interpreting the statement of cash flows. Exhibit 15.21 presents a statement of cash flows for Cypress Corporation.
a. What arc the likely reasons that net income increased between 2011 and 2013, but cash flow from operations decreased?
b. What are the likely reasons for the increased cash flow 1mm operations between 2013 and 2015?
c. Flow has the risk of Cypress Corporation changed over the five-yearperiod?

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Cypress Corporation Statement of Cash Flows (all dollar amounts in thousands) (Problem 17) EXHIBIT 15.21 2015 2014 2013 2012 2011 OPERATING Net Income .. Depreciation and Amortization $ 6,583 S 1,733 $ 6,602 $ 3,716 $ 1,045 586 490 643 513 491 Other Addbacks 299 151 243 25 20 Other Subtractions .. Working Capital Provided by Operations (Increase) Decrease in Receivables (97) $ 2,248 $ 7,320 $ 4,472 $ 1,556 $7,447 (5,452) (3,589) (2,424) (750) 4,456 (Increase) Decrease in Inventories Increase (Decrease) Accts. Pay-Trade. Increase (Decrease) in Other Current (7,629) (4,111) (1,387) 1,068 1,867 (2,608) 1,496 1,393 2,374 1,228 (1,508) $ 8,855 Liabilities ... 1,649 4,737 2,865 473 $ (616) $ 952 $ 6,880 $ 1,120 Cash Flow from Operations INVESTING $ (749) S (849) $ (347) Fixed Assets Acquired (net) . $(1,426) $(1,172) (3,306) Marketable Securities Acquired 0. Other Investment Transactions (64) $(1,490) 39 81 45 Cash Flow from Investing... S (668) S (849) S (302) S(4,439) FINANCING Increase in Short-Term Borrowing.... Increase in Long-Term Borrowing Issue of Capital Stock.... $ 2,800 $ 700 315 (3,500) (170) Decrease in Short-Term Borrowing Decrease in Long-Term Borrowing . (170) (170) (170) (170) Acquisition of Capital Stock.. (27) (2,243) (964) Dividends Paid to Shareholders. (1,427) (730) (614) Other Financing Transactions Cash Flow from Financing. Change in Cash Cash, Beginning of Year S 1,656 $ (200) $ (811) S(5,097) S(2,098) $ 2,318 $ 382 (26) 5 962 $293 1,540 1,247 855 955 $ 3,858 $ 1,540 $ 1,247 Cash, End of Year 865 962