(Related to Checkpoint 3.3) (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: LOADING... . 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.

(US$ millions)	12/31/2014	12/31/2013	12/31/2012	12/31/2011
Net income	$14,492	$12,930	$10,733	$9,748
Depreciation	3,454	2,724	1,935	1,407
Amortization	1,423	1,188	950	422
Deferred taxes	(177)	(495)	(216)	344
Noncash items	2,721	2,291	2,266	1,999
Changes in working capital	304	(36)	933	617
Cash from operating activities	$22,217	$18,602	$16,601	$14,537
Capital expenditures	$(10,969)	$(7,353)	$(3,288)	$(3,445)
Other investing cash flow items	(10,100)	(6,337)	(9,840)	(15,633)
Cash from investing activities	$(21,069)	$(13,690)	$(13,128)	$(19,078)
Interest and financing cash flow items	$(1,489)	$(253)	$(94)	$77
Total cash dividends paid	0	0	0	0
Issuance (retirement) of stock	5	0	20	0
Issuance (retirement) of debt	(13)	(570)	1,326	721
Cash from financing activities	$(1,497)	$(823)	$1,252	$798
Foreign exchange effects	$(448)	$(4)	$1	$24
Net change in cash	$(797)	$4,085	$4,726	$(3,719)