11.16 Newport Steam Corporation's balance sheet accounts as of December 31, 1988, and December 31, 1989, and the information relating to the 19X9 activities, are presented below. h44 December 31 1989 19X8 ASSETS Cash $ 230,000 $ 100,000 Short-Term Investments 300,000 0 Accounts Receivable (net) 550,000 550,000 Inventory 680,000 600,000 Long-Term Investments 200,000 300,000 Plant Assets 1,700,000 1,000,000 Accumulated Depreciation (450,000) (450,000) Goodwill 90,000 100.000 Total Assets $3,300,000 $2,200,000 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts Payable $ 825,000 $ 720,000 Long-Term Debt 325,000 0 Common Stock, $1 Par 800,000 700.000 Additional Paid-in Capital 370,000 250,000 Retained Earnings 980,000 530,000 Total Liabilities and Stockholders' Equity $3,300.000 $2,200,000 Information relating to 1989 activities is as follows: (1) Net income for 1989 was $700,000. (2) Purchase of short-term investments for $300,000, which will mature on June 30, 20X0. (3) Cash dividends declared and paid in 1989 worth $250,000 (4) Equipment costing $400,000, having accumulated depreciation of $250,000, was sold in 1989 for $150,000. (5) Plant assets worth $1,100,000 were purchased for cash. (6) A long-term investment costing $100,000 was sold for $135,000. (7) 100,000 shares of $1-par-value common stock were sold for $2.20 a share. (8) Amortization of goodwill for 1989 was $10,000. Calculate Newport's net cash inflows or outflows for (a) operating, (b) investing, and (c) financing activities. Discuss whether or not the short-term investments are cash equivalents