8

The cash & cash equivalents for Penman Manufacturing Corp. decreased from $72 million to $58 million during the most recent year. Penman reported the following amounts on their most recent statement of cash flows:

• Penman had capital spending of $76.2 million during the year. There were no other Cash Flow from Investing activities.
• Penman issued $20 million of long-term debt and $6.2 million in cash dividends to its common shareholders. There were no other Cash flow from Financing activities.

What was the cash flow from operating activities reported by Penman on its most recent statement of cash flows?

Select one:

a. - $104.0 million

b. $48.9 million

c. $76.4 million

d. $92.6 million

e. none of the above