: Below is The Ranch Corporations income statement and two balance sheets:

The Ranch Corp			The Ranch Corp
Income Statement for			Balance Sheet as at 30 June
period ending 30 June 2016				2016		2015
Net sales	100		Inventory	12		8
COGS	16		PPE	320		300
Depreciation	15		Total assets	332		308
Electricity expense	14
Interest expense	15		Long term loan liabilities	150		150
Taxable income	40		Contributed equity	44		44
Taxes	12		Retained profits	138		114
Net income	28		Total L and OE	332		308
Note: All figures are given in millions of dollars ($m).

Which of the following statements about the financial year from 30 June 2015 to 30 June 2016 is NOT correct?

Select one:

a. The increase in net working capital (NWC) was $4m.

b. The increase in net working capital was positive because in net terms, more inventory was bought rather than sold.

c. Net capital expenditure (CapEx) was $35m.

d. Net capital expenditure was positive because in net terms, more property, plant and equipment (PPE) was bought rather than sold.

e. Firm free cash flow (FFCF or Cash flow from assets CFFA) was $34m.