Please examine the chart below, which shows the annual results from three companies, and calculate the Cash balance at end of year for each one. Which if these would you prefer to own, based only on the issue of cash flow, and why?
| X | Y | Z | |
| Net cash flow from operations | $8M | -$12M | $6M |
| Net cash used in investing activities | -$2M | -$3M | -$10M |
| Net cash from financing activities | -$8M | $7M | $10M |
| Cash balance at beginning of year | $5M | $3M | $4M |
| Cash balance at end of year | $ ??? | $ ??? | $ ??? |
