30. Can the net change in PP&E be shown as one line item? Similarly, can the net change in long-term investments be shown as one line item? Explain what must be done. 31. What accounts must be analyzed to prepare the Financing activities section of the Statement of Cash Flows? 32. Briefly describe the concept of free cash flows and how it is calculated. Part V- How is the Statement of Cash Flows Prepared Using the Direct Method? (LO3) 33. Which section of the statement of cash flows is affected by the choice of whether to use the direct or indirect method? 34. How is the direct method similar/dissimilar to the income statement