Top managers of Chase Financial Services are reviewing company per- formance for 2009. The income statement reports a 20% increase in net income over 2008. However, most of the net-income increase resulted from an extraordinary gain on the sale of equipment. The balance sheet shows a large increase in receivables. The cash-flow statement, in sum- marized form, reports the following:

Requirement 

Write a memo giving the top managers of Chase Financial Services your assessment of 2009 operations and your outlook for the future. Focus on the information content of the cash-flow data.

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Net cash used for operating activities Net cash provided by investing activities.. Net cash provided by financing activities........ Increase in cash during 2009 $(80,000) 40,000 50,000 $ 10,000