Hotel Corp. has been in business for 20 years. In 2015 it reported $6 million of depreciation expense and $3 million of net income. Assume that it had no significant purchases, redemptions or maturities of available-for-sale securities (debt and bond securities of other companies).

Net cash provided by operating activities	$10 million
Net cash used in investing activities	(700 million)
Net cash provided by financing activities	800 million

Its statement of cash flows (SCF) for the year ended 12/31/2015 showed:

Which of the following is NOT an appropriate inference?

	a.	Total cash & cash equivalents were higher at the end of 12/31/2015 than 12/31/2014.
	b.	The company was able to entirely fund investments internally from operating cash flows during 2015.
	c.	Depreciation is likely the main reason for the difference between net cash provided by operations of $10 million and net income of $3 million.
	d.	The company had to rely on lenders or shareholders to finance most of its growth in acquiring long-term assets during 2015.
	e.	Hotel Corp. appears to be expanding through capital expenditures associated with major renovations, acquisitions of property, plant, and equipment, or construction of new buildings.