Selected financial information follows for Furlotte Corporation for the year ended June 30, 2018:

Cash, July 1...................................................$ 40,000

Cash payments for operating activities.....................109,000

Cash paid for equipment.......................................40,000

Repayment of long-term debt.................................15,000

Cash dividends paid...........................................13,000

Cash receipts from operating activities.....................158,000

Instructions

(a) Classify each of the above items, except for cash at the beginning of the year, as an operating, investing, or financing activity.

(b) Prepare a statement of cash flows for Furlotte Corporation for the year.

(c) Comment on the adequacy of cash provided by operating activities to fund the company's investing activities.