The following data come from the financial statements of The High Tide Company at the year ended May 31, 2011 (in millions).

Requirements
1. Prepare a cash flows statement for the year ended May 31, 2011. Not all the items given appear on the cash flows statement.
2. Which activities provided the largest amount of cash? Is this a sign of financial strength orweakness?

Transcribed Image Text:

Purchases of property Other investing cash plant, and equipment3,480 paymen170 Net income....3,030 Accounts receivable.. Adjustments to reconcile net 500 Payment of dividends 2,390 Issuance of common stock.... and equipment 285 190 25 income to net cash provided by operating activities.. Common stoc.. Revenues..59,400 Sales of property, plant, Cash, beginning of year. 200 end of year.. Cost of goods sold... 1,900 Retained earnings.13,000