单选题 John Stone, CFA, is an investment advisor specializing in the preparation of company and industry reports for high net worth customers at Learmon Brothers. Currently, Stone is preparing a report on Soft Corporation, a rapidly growing software company. The explosive growth of this company was financed primarily by an initial public offering in which 3000000 shares were issued at a price of $ 20 per share on June 27, 2004. Soft Corporation received additional capital when employee stock options for 1000000 shares at a price of $10 were exercised on January 1,2005. Stone realizes the importance of cash flow on a company's financial health and would like to include a projected statement of cash flows for 2005. Soft Corporation financial statements are presented in Tables 1 and 2. Included are the actual statements for the year ending December 31, 2004.

【正确答案】 B

【答案解析】
Using the easiest method of all, the difference in the cash account at the end of 2004 and the cash balance projected for the end of 2005 is $ 26.0 million-$ 24.0 million=$ 2.0 million. If the cash balances were not available, the change in cash could be calculated using the indirect method. Starting with cash flow from operations (CFO) in $ millions projected for 2005:

Net Income	43
Add: Non cash Expenses or Losses
Depreciation	5
Add: Changes in Current Assets and Liabilities
Less: Increase in Accounts Receivable	-7
Less: Increase in Inventory	-50
Plus: Increase in Accounts Payable	{{U}}10{{/U}}
Net Cash Flow from Operations (CFO)	1

Increase in Property Plant ＆ Equipment	-25
Net Cash Flow from Investing (CFI)	{{U}}-25{{/U}}

Increase in Long-Term Debt	20
Increase in Common Stock	10
Loss: Dividends Paid (10 million ×$ 0.40)	{{U}}-4{{/U}}
Net Cash Flow from Financing (CFF)	26

Net Cash Flow=CFO+CFI+CFF=1-25+26=$ 2 million.