Casey’s General Stores, Inc. operates convenience stores, primarily in small Midwestern towns. The cash flows provided by financing activities section of the company’s statement of cash flows for the fiscal years 2007-2009 follows (in $000).

At the beginning of fiscal 2009, Casey’s had \($154,523\) in cash and cash equivalents; at the end of fiscal 2009, the company had \($145,695\) in cash and cash equivalents.
Required

a. How have cash flows provided by financing activities changed over the three-year period?

b. Does the fact that Casey’s reports no proceeds from long-term debt for 2008 and 2009 mean that the company has no long-term debt? Why?

c. Does it concern you that in two of the past three years, Casey’s used more cash than was provided by financing activities? Why?

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Proceeds from long-term debt Payment of long-term debt Proceeds from the exercise of stock options Payment of cash dividends Excess tax benefits related to stock option exercises Net cash provided (used) by financing activities For the Years Ended April 30 2009 2008 2007 $100,000 $(21,100) $(31,364) (22,814) 1,346 2,104 (15,246) (13,180) 2,941 (10,098) 512 607 919 $(34,488) $(41,833) $ 70,948