COMPANY D STATEMENT OF CASH FLOWS OPERATING ACTIVITIES Net Income $20,000 Depreciation 6,500 Change in Accounts Receivable (50,000) Change in Inventory (80,000) Change in Other Current Assets (20,000) Change in Accounts Payable 30,000 Change in Accruals 25,000 CASH FLOW FROM OPERATIONS (68,500) INVESTING ACTIVITIES P, P, & E Purchases (220,000) Disposal of P, P, & E - CASH FLOW FROM INVESTING (220,000) FINANCING ACTIVITIES Sale of capital stock 240,000 Repurchase of capital stock - Change in Borrowings 68,000 Payment of Dividends - CASH FLOW FROM FINANCING 308,000 NET CHANGE IN CASH $19,500 Based on the statement of cash flows provided, in which life-cycle stage is the company MOST likely to be? Startup/Fast Growing Stage Profitable/Growing Stage Mature/Steady Stage In Decline Stage