(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: 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. Data Table (US$ millions) 12/31/2014 12/31/2013 Net income $14,480 $12,892 Depreciation 3,474 2,793 Amortization 1,430 1,160 Deferred taxes (168) (431) Noncash items 2,711 2,253 Changes in working capital 311 (27) Cash from operating activities $22,238 $18,640 Capital expenditures $(10,997) $(7,321) Other investing cash flow items (10,076) (6,308) Cash from investing activities $(21,073) $(13,629) Interest and financing cash flow items $(1,411) $(346) Total cash dividends paid 0 0 Issuance (retirement) of stock 4 0 Issuance (retirement) of debt (14) (501) Cash from financing activities $(1,421) $(847) Foreign exchange effects $(473) $(1) Net change in cash $(729) $4,163 (Click on the icon in order to copy its contents into a spreadsheet.) 12/31/2012 $10,736 1,914 930 (244) 2,255 886 $16,477 $(3,299) (9,806) $(13,105) $(107) 0 10 1,385 $1,288 12/31/2011 $9,772 1,368 494 358 2,010 615 $14,617 $(3,456) (15,643) $(19,099) $76 0 0 769 $845 $24 $(3,613) $3 $4,663