(Analyzing the cash flow Statement) Goggle, Inc. is an Internet firm that has experienced a period of very rapid growth in revenues over the period 2008-2010. The cash flow statements for Goggle, Inc. spanning the period are below.

Based solely on the cash flow statements for 2008 through 2010, select the statement that best describes the major activities of Goggle's management team over the period. Google's management team has been investing heavily in working capital and financing them with the issuance of stocks and internally generated funds. Google's management team has been investing heavily in capital expenditures and financing them with the issuance of stocks and internally generated funds. Google's management team has been spending heavily in paying cash dividends and financing them with the issuance of stocks and internally generated funds. Google's management team has been investing heavily in capital expenditures and financing them with the issuance of debt and internally generated funds.

12 Months Ending 12/31/2010 12/31/2009 12/31/2008 12/31/2007 In Millions of U. S. Dollars Net income Depreciation expense Changes in working capital $4,000 1,010 600 $5,610 $(3,570) $(3,570) $370 $3,050 570 40 $3,660 S(6,980) S(6,980) $630 $1,490 310 40 $1.840 $(3,330) $(3,330) S0 $420 130 (200) $350 $(2,000) $(2,000) Cash from operating activities Capital expenditures Cash from investing activities Interest and financing cash flow items Total cash dividends paid Issuance (retirement) of stock Issuance (retirement) of debt 2,370 4.400 1,190 $392 $2,432 $3,000 S(320) $4,396 Cash from financing activities Net change in cash $1,190 S(460)