1. If net cash provided or used by operating, financing and investing activities during 2014 are added together, the result is ________.
the amount of cash reported on the balance sheet at the end of 2014
the total cash outflow for 2014
the change in cash during 2014
net income for 2014
2. Clay Company had sales of $50,000, tax expense of $10,000, and an increase in taxes payable of $2,000. What was its cash outflow for taxes?
$12,000
$8,000
$62,000
$58,000