Choice "A" is correct. New England's cash balance at the end of the year includes the cash balance at the beginning of the year, the net cash provided by operating activities, the net cash used by investing activities, and the net cash provided by financing activities ($27,000 + $351,000 - $420,000 + $250,000$208,000). The sale of the land was included in the cash from the investing activities and does not have to be considered separately. When working this type of question, be sure to distinguish between the net cash used and the net cash provided.
Choice "d" is incorrect. The cash balance at the end of the year certainly includes more than just the cash balance at the beginning of the year.
Choice "b" is incorrect. The cash balance at the end of the year certainly includes more than just the proceeds from the land.
Choice "c" is incorrect. The proceeds from the sale of the land are already included in the net cash from investing activities. It does not have to be considered separately and does not have to be added.