Colin Confections operates convenience stores, primarily in small Southeastern towns. The cash flows provided by financing activities section of the company’s statement of cash flows for the fiscal years 2018—2020 follows (in $000).

At the beginning of fiscal 2020, Colin Confections had $154,523 in cash and cash equivalents; at the end of fiscal 2020, 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 Colin Confections reports no proceeds from long-term debt for 2019 and 2020 mean that the company has no long-term debt? Why?

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

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For the Years Ended June 30 2020 2019 2018 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 $100,000 $(21,100) $(31,364) (22,814) 1,346 2,104 2,941 (15,246) (13,180) (10,098) 512 607 919 Net cash provided (used) by financing activities $(34,488) $(41,833) $ 70,948