1. The following information is available for Chancellor Company: profit $3,600 million; net cash provided by operating activities $1,200 million; total cash expenses $2,400 million; depreciation expense $350 million; cash dividends $400 million; capital expenditures $650 million; and cash and cash equivalents $850 million. Chancellors cash to daily cash expenses ratio is calculated as:

   	a.	$850 ($2,400 365)
   	b.	$850 [($2,400 - $350) 365]
   	c.	$1,200 ($2,400 365)
   	d.	$1,200 [($2,400 - $350) 365]