(Analyzing the cash flow Statement) Google, Inc. (GOOG), is one of the most successful Internet firms, and it experienced very rapid growth in revenues from 2011 through 2014. The cash flow statements for Google, Inc. spanning the period are found here:

Answer the following questions using the information found in these statements:

a. Is Google generating positive cash flow from its operations?

b. How much did Google invest in new capital expenditures over the period?

c. Describe Google's sources of financing in the financial markets over the period?

d. Based solely on the cash flow statements for 2011 through 2014, write a brief narrative that describes the major activities of Google's management team over the period.

\begin{tabular}{|c|c|c|c|c|} \hline (US\$ millions) & 12/31/2014 & 12/31/2013 & 12/31/2012 & 12/31/2011 \\ \hline Net income & $14,477 & $12,870 & $10,778 & $9,797 \\ \hline Depreciation & 3,542 & 2,780 & 1,963 & 1,442 \\ \hline Amortization & 1,429 & 1,174 & 933 & 474 \\ \hline Deferred taxes & (162) & (460) & (260) & 400 \\ \hline Noncash items & 2,688 & 2,237 & 2,318 & 2,019 \\ \hline Changes in working capital & 377 & (33) & 881 & 609 \\ \hline Cash from operating activities & $22,351 & $18,568 & $16,613 & $14,741 \\ \hline Capital expenditures & $(10,923) & $(7,327) & $(3,226) & $(3,414) \\ \hline Other investing cash flow items & (10,116) & (6,327) & (9,806) & (15,625) \\ \hline Cash from investing activities & $(21,039) & $(13,654) & $(13,032) & $(19,039) \\ \hline Interest and financing cash flow items & $(1,498) & $(339) & $(91) & $83 \\ \hline Total cash dividends paid & 0 & 0 & 0 & 0 \\ \hline Issuance (retirement) of stock & 2 & 0 & 20 & 0 \\ \hline Issuance (retirement) of debt & (17) & (534) & 1,388 & 747 \\ \hline Cash from financing activities & $(1,513) & $(873) & $1,317 & $830 \\ \hline Foreign exchange effects & $(419) & $(5) & $5 & $17 \\ \hline Net change in cash & $(620) & $4,036 & $4,903 & $(3,451) \\ \hline \end{tabular}