You are researching Time Manufacturing and have found the following accounting statement of cash flows for the most recent year. You also know that the company paid $84 million in current taxes and had an interest expense of $41 million. Use the accounting statement of cash flows to construct the financial statement of cash flows.

TIME MANUFACTURING

Statement of Cash Flows

($ in millions)

Operations

Net income........................................................$192

Depreciation.........................................................76

Deferred taxes.......................................................13

Changes in assets and liabilities

Accounts receivable.............................................-16

Inventories.........................................................17

Accounts payable.................................................13

Accrued expenses.................................................-7

Other..................................................................2

Total cash flow from operations..............................$290

Investing activities

Acquisition of fixed assets......................................-$198

Sale of fixed assets...................................................21

Total cash flow from investing activities.....................-$177

Financing activities

Retirement of long-term debt..................................-$150

Proceeds from long-term debt sales..............................115

Change in notes payable...............................................8

Dividends............................................................-81

Repurchase of stock.................................................-11

Proceeds from new stock issue......................................43

Total cash flow from financing activities......................-$ 76

Change in cash (on balance sheet)...............................$ 37