1.(20points). Consider the following summary financial statements for Nabors Inc.

a. What is the change in the net working capital from 2010 to 2011? b. What is the amount of the non-cash expenses for 2011?c. What is the amount of the net capital spending for 2011?d. What is the operating cash flow for 2011?e. What is the cash flow of the firm for 2011?

Nabors, Inc. 2011 Income Statement ($ in millions) Net sales Less: Cost of goods sold Less: Depreciation Earnings before interest and taxes Less: Interest paid Taxable Income Less: Taxes Net income $9,610 6,310 1,370 1,930 630 $1,300 455 $ 845 Nabors, Inc. 2010 and 2011 Balance Sheets ($ in millions) 2010 2011 2010 2011 Cash Accounts rec. Inventory Total Net fixed assets $ 310 $ 405 2,640 3,055 3,275 3,850 $ 6,225 $ 7,310 10,960 10,670 Accounts payable Notes payable Total Long-term debt Common stock Retained earnings Total liab.& equity $ 2,720 $ 2,570 100 0 $ 2,820 $ 2,570 7,875 8,100 5,000 5,250 1,490 2,060 $17.185 $17.980 Total assets $17,185 $17,980