***Please do not use excel. Please show all work.

Noah, Indc 2016 Income Statement (S in millions) Net sales Less: Cost of goods sold Less: Depreciation expense Less: Other expenses Earnings before interest and taxes $1,245,000 1,015,000 35,000 15,000 180,000 28,000 $152,000 ess: Interest paid Taxable Income Less: Taxes (35%) Net income Dividends Additions to Retained Earnings S 69,160 S 29,640 Noah, Indc 2015 and 2016 Balance Sheets ( in millions) 2015 20152016 S 45,000 61,000 Accounts payable Cash Accounts rec Inventory Total Net fixed assets S 85,000 $119,000 16.00022.990 68,000 95,000 Notes payable 97,000 149.000 Total 95,000 389,630 498,000 80,370 110,010 S669.000 $845.000 Total liab.& equity 669.000 845.000 S 210,000 305.000 Long-term debt 98,000 459.000 540,000 Common stock Retained earnings Total assets 1. Use the financial statements above for Noah, Inc. and answer the following questions. (i) Find Noah's cash flow from assets for 2016 by finding its operating cash flows, net capital spending change in net working capital. (ii) What are the Noah, Inc. cash flow to creditors and cash flow to stockholders? Interpret the positive and negative signs of your results in (i) and (ii), how is the negative CFFA financed