3. Cumberland Industries -- Generation of the Cash Flows for 2007
Cumberland Industries' Income Statement ($ Dollars)
	2007
Sales	$455,150,000
Operating Costs excluding Depreciation	$396,877,500
	-------------------------
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)	$58,272,500
Depreciation	$7,388,150
Interest Paid	$8,575,000
	-------------------------
Earnings Before Taxes	$42,309,350
Taxes (40%)	$16,923,740
	-------------------------
Net Income available to Common Stockholders	$25,385,610
Cumberland Industries' Statement of Retained Earnings ($ Dollars)
Balance of Retained Earnings, Dec. 31, 2006	$38,774,000
Add: Net Income, 2007:	$25,385,610
Less: Dividends to Common Stock Shareholders:	$12,654,244
	-------------------------
Balance of Retained Earnings, Dec. 31, 2007	$51,505,366
Please generate the Statement of Cash Flows for Cumberland Industries.

Cumberland Balance Sheet (in Thousands of Dollars)				Cash Flows (in Thousands of Dollars)
	2006	2007		Operating	Investing	Financing
Cash	$74,625	$91,450
Short Term Investments	$15,100	$11,400
Accounts Receivable	$85,527	$103,365
Inventories	$34,982	$38,444
	---------------	---------------
Total Current Assets	$210,234	$244,659
Net Fixed Assets	$42,436	$68,306
	---------------	---------------
Total Assets	$252,670	$312,965
Accounts Payable	$23,109	$30,761
Accruals	$22,656	$30,477
Notes Payable	$14,217	$16,717
	---------------	---------------
Total Current Liabilities	$59,982	$77,955
Long-Term Debt	$63,914	$76,264
	---------------	---------------
Total Liabilites	$123,896	$154,219
Common Stock	$90,000	$107,241
Retained Earnings	$38,774	$51,505
	---------------	---------------
Total Common Equity	$128,774	$158,746
	---------------	---------------
Total Liabilities and Equity	$252,670	$312,965
				---------------	---------------	---------------