1. Statement of Cash Flows In 2008, Upper Crust had cash flows from investing activities of −$240,000 and cash flows from financing activities of −$152,000. The balance in the firm's cash account was $92,000 at the beginning of 2008 and $107,000 at the end of the year. What was Upper Crust's cash flow from operations for 2008?
$107,000
$392,000
$407,000
$15,000
2. Statement of Retained Earnings Z, Corp. began the year 2008 with $2.6 million in retained earnings. The firm earned net income of $7.4 million in 2008 and paid $2.84 million to its common stockholders. What is the year-end 2008 balance in retained earnings for Z?
$1.96 million
$12.84 million
$10 million
$7.16 million