5. The president of Laporte Inc., Tanya Turcotte, was provided with a copy of the operating activities section of the statement of cash flows that you prepared in (1.), and made the following comment: "This report is supposed to show operating cash Inflows and outflows during the year, but I don't see how much cash Laporte Inc. received from customers and how much it paid to trade suppliers and for Income taxes. Please ask whoever prepared this statement to provide me with these numbers." Based on Tanya's comment, compute the following amounts for 2020: (Enter your answers in millions.) a Cash collected from customers b. Cash paid to trade suppliers c. Cash paid for income taxes 2. Prepare the Investing activities section of the statement of cash flows for Laporte Inc. for the year ended December 31, 2020. (Negative answers should be indicated by a minus sign. Enter your answers in millions.) Answer is not complete. LAPORTE INC. Statement of Cash Flows (Partial) For the Year Ended December 31, 2020 Cash flows from investing activities: Sale of long-term investment Purchase of equipment Sale of equipment IS 37 Net cash flow from investing activities S 37 3. Compute each of the following for the year 2020: (a) quality of earnings ratio, (b) capital expenditures ratio, and ( free cash flow. (Negative answers should be indicated by a minus sign. Round "Ratlo" answers to 2 decimal places.) (a) Quality of earnings ratio (b) Capital expenditures ratio (C) Free cash flow 4. Based on your answers to (1.) and (2.) above, determine the net cash flow from financing activities. (Hint: This can be done without preparing the financing activities section of the statement.) (Enter your answer in millions.) Cash flow from financing activities >lduement UT FinancIDI FUSILIUM 2020 $ 105 48 40 Cash Accounts receivable Merchandise inventory Long-term investments Property, plant, and equipment Accumulated depreciation Total assets Accounts payable Income taxes payable Long-term borrowings Contributed capital Retained earnings Total liabilities and shareholders' equity Statement of Earnings Sales Cost of sales Gross profit Depreciation expense other operating expenses Earnings from operations Gain on sale of investments Loss on sale of equipment Earnings before income tax Income tax expense Net earnings 212 (64) $ 341 $ 36 6 99 136 64 $ 341 2019 $ 74 36 44 30 166 (84) $ 266 50 7 39 120 50 $ 266 0 0 (182) 1929alanes ata (39) Additional Information is as follows: a Old equipment was sold for cash during 2020. It had an original cost of $44 and an accumulated depreciation of $30. b. A new building was acquired during the year in exchange for a long-term note for $60, payable in five years. In addition, new equipment was purchased for cash. Required: 1. Prepare the operating activities section of the statement of cash flows for Laporte Inc. for the year ended December 31, 2020 by using the Indirect method. (Negative answers should be indicated by a minus sign. Enter your answers in millions.) 17 Answer is complete and correct. LAPORTE INC. Statement of Cash Flows (Partial) For the Year Ended December 31, 2020 Cash flows from operating activities: Net earnings S Add (deduct) items not affecting cash: Loss on sale of equipment Gain on sale of investments Depreciation expense Increase in accounts receivable Decrease in accounts payable Decrease in income tax payable Decrease in merchandise inventory 2 (7) 10 (12) (14) (1) 4 Net cash used for operating activities S (1)