2018	2017
Current liabilities	$230,000	$160,000
Long-term debt	120,000	320,000
Stockholders' equity	420,000	540,000
Cash payments for additions to plant and equipment	45,000	32,000
Net cash flow from operating activities	80,000	51,000
Interest and principal payments	12,000	8,000
Net operating cash flows before interest and taxes	68,000	43,000
Net income	90,000	72,000
Interest expense	8,500	11,500
Income taxes	16,000	14,500
Dividends paid	15,000	30,000

Refer to the Westmoreland Company data.

The cash flow from operations to capital expenditures ratio for 2018 is an indicator that Westmoreland Company

a.has net income that is more than it would have been had dividends of $30,000 been paid.

b.has decreased cash, but is offset by the increase in net income.

c.has been effectively able to use operations to finance its acquisitions of productive assets.

d.has increased profits by $13,000.