(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:

(US$ millions)	12/31/2014	12/31/2013	12/31/2012	12/31/2011
Net income	$14,480	$12,929	$10,797	$9,714
Depreciation	3,502	2,761	1,904	1,439
Amortization	1,434	1,128	954	442
Deferred taxes	(200)	(471)	(242)	372
Noncash items	2,734	2,224	2,318	1,996
Changes in working capital	314	(39)	920	681
Cash from operating activities	$22,264	$18,532	$16,651	$14,644
Capital expenditures	$(10,966)	$(7,361)	$(3,216)	$(3,426)
Other investing cash flow items	(10,057)	(6,370)	(9,791)	(15,600)
Cash from investing activities	$(21,023)	$(13,731)	$(13,007)	$(19,026)
Interest and financing cash flow items	$(1,419)	$(334)	$(99)	$88
Total cash dividends paid	0	0	0	0
Issuance (retirement) of stock	5	0	40	0
Issuance (retirement) of debt	(29)	(530)	1,363	702
Cash from financing activities	$(1,443)	$(864)	$1,304	$790
Foreign exchange effects	$(419)	$(1)	$4	$28
Net change in cash	$(621)	$3,936	$4,952	$(3,564)

. 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.

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Part 1

a. Is Google generating positive cash flow from its operations? (Select the best choice below.)

A.

Google has generated positive cash flow from its operations during the years 2011, 2013, and 2014.

B.

Google has generated positive cash flow from its operations during the years 2011, 2012, and 2014.

C.

Google has generated positive cash flow from its operations during the years 2012, 2013, and 2014.

D.

Google has generated positive cash flow from its operations during the years 2011, 2012, 2013, and 2014.