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Below are a year-end actual balance sheet for Year 1 and pro forma balance sheet and income statement for Year 2 for the Grow 'n' Glow Manufacturing Company (000 omitted). BALANCE SHEET YEAR BALANCE SHEET YEAR 2-PRO FORMA 1-ACTUAL Assets Assets Cash $ 9,700 Cash $ 10,670 Accounts receivable 15,300 Accounts receivable 16,830 Inventory (incl. $820 depr.) 18,500 Inventory (incl. $950 depr.) 20,350 Total current assets $ 43,500 Total current assets $ 47,850
Held-to-maturity securities $ 45,600 Held-to-maturity securities $ 45,600 Net fixed assets 32,200 Net fixed assets 35,000 Total long-term assets $ 77,800 Total long-term assets $ 80,600 Total assets $121,300 Total assets $128,450
Liabilities Liabilities Accounts payable $ 3,000 Accounts payable $ 3,300 Notes payable 10,000 Notes payable (incl. addtl. fds. needed) 13,738 Accrued liabilities 6,000 Accrued liabilities 6,600 Total current liabilities $ 19,000 Total current liabilities $ 23,638 Long-term debt 35,600 Long-term debt 35,600 Total liabilities $ 54,600 Total liabilities $ 59,238 Equity Equity Common stock $ 10,000 Common stock $ 10,000 Additional paid-in capital 30,000 Additional paid-in capital 30,000 Retained earnings 26,700 Retained earnings 29,212 Total equity $ 66,700 Total equity $ 69,212 Total liabilities & equity $121,300 Total liabilities & equity $128,450 INCOME STATEMENT YEAR 2-PRO FORMA Net sales $110,000 Cost of goods sold (incl. $3,200 depr.) 72,82 Gross profit $ 37,180 Selling expense 18,040 General & admin. exp. (incl. $395 depr.) 12,320 EBIT $ 6,820 Net interest expense 1,396 EBT $ 5,424 Taxes @ 35% 1,898 Net income $ 3,526 Dividends 1,014 Addition to retained earnings $ 2,512 On the pro forma Statement of Cash flows, what is the company's net cash flow from financing activities?
A. $(2,410) B. $2,724 C. $1,328 D. $(1,014)
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