Below is The Ranch Corporation's 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 isNOTcorrect?

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 $20m.

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 $19m.