QUESTION 13

A positive cash flow to stockholders indicates which one of the following with certainty?

	a.	The dividends paid exceeded the net new equity raised.
	b.	The amount of the sale of common stock exceeded the amount of dividends paid.
	c.	No dividends were distributed but new shares of stock were sold.
	d.	Both the cash flow to assets and the cash flow to creditors must be positive.