South Sea Baubles has the following (incomplete) balance sheet and income statement.

a. What is shareholders' equity in 2013 and 2014?
b. What is net working capital in 2013 and 2014?
c. What are taxes paid in 2014? Assume the firm pays taxes equal to 35% of taxable income.
d. What is cash provided by operations during 2014? Pay attention to changes in net working capital, using Table 3.4 as a guide.
e. Net fixed assets increased from $800 million to $900 million during 2014. What must have been South Sea's gross investment in fixed assets during 2014?
f. If South Sea reduced its outstanding accounts payable by $35 million during the year, what must have happened to its other current liabilities?

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BALANCE SHEET AT END OF YEAR Figures in S millions) Assets Current assets Net fixed assets 2013 2014 Liabilities and Shareholders Equity 2013 2014 50 60 600 750 0 140 Current liabilities Long-term debt B00 900 INCOME STATEMENT,2014 (Figures in S millions) Revenue Cost of goods sold Depreciation Interest expense 1.950 1,030 350 240