just need help on the blanks in 3 and 5

The following information has been reported by Laporte Inc. on its statements of financial position at December 31, 2016 and 2017, and on its statement of earnings for the year ended December 31, 2017 Amounts are in millions of dollars: Statements of Financial Position 2017 2016 Cash $ 125 $ 80 Accounts receivable 68 48 Merchandise inventory 49 56 Long-term investments 42 Property, plant, and equipment 215 178 Accumulated depreciation (57) (72) Total assets $ 400 $332 $ 48 5 111 180 56 62 6 61 160 43 Accounts payable Income taxes payable Long-term borrowings Contributed capital Retained earnings Total liabilities and shareholders' equity Statement of Earnings Sales Cost of sales $ 400 $332 $ 200 (120) 80 (10) (51) 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 19 6 (2) 0 Net earnings $ 17 Additional information is as follows: a. Old equipment was sold for cash during 2017. It had an original cost of $48 and an accumulated depreciation of $25. b. A new building was acquired during the year in exchange for a long-term note for $50, 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, 2017 by using the indirect method. (Negative answers should be indicated by a minus sign. Enter your answers in millions.) Answer is complete and correct. 17 LAPORTE INC. Statement of Cash Flows (Partial) For the Year Ended December 31, 2017 Cash flows from operating activities: Net earnings $ Add (deduct) items not affecting cash: Depreciation expense Gain on sale of investments Loss on sale of equipment Increase in accounts receivable Decrease in merchandise inventory Decrease in accounts payable Decrease in income tax payable 10 (6) (20) 7 (14) (1) Net cash used for operating activities (5) 2. Prepare the investing activities section of the statement of cash flows for Laporte Inc. for the year ended December 31, 2017. (Negative answers should be indicated by a minus sign. Enter your answers in millions.) Answer is complete and correct. LAPORTE INC. Statement of Cash Flows (Partial) For the Year Ended December 31, 2017 Cash flows from investing activities: Purchase of equipment $ (35) Sale of equipment 21 Sale of long-term investment 48 Net cash flow from investing activities $ 34 3. Compute each of the following for the year 2017: (a) quality of earnings ratio, (b) capital expenditures ratio, and (c) free cash flow. (Negative answers should be indicated by a minus sign. Round "Ratio" answers to 2 decimal places.) Answer is not complete. (a) 0.29 (b) Quality of earnings ratio Capital expenditures ratio Free cash flow (c) 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.) Answer is complete and correct. Cash flow from financing $ 16 activities 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 2017: (Enter your answers in millions.) Answer is not complete. a. $ 180 b. Cash collected from customers Cash paid to trade suppliers Cash paid for income taxes C. $ 7 The following information has been reported by Laporte Inc. on its statements of financial position at December 31, 2016 and 2017, and on its statement of earnings for the year ended December 31, 2017 Amounts are in millions of dollars: Statements of Financial Position 2017 2016 Cash $ 125 $ 80 Accounts receivable 68 48 Merchandise inventory 49 56 Long-term investments 42 Property, plant, and equipment 215 178 Accumulated depreciation (57) (72) Total assets $ 400 $332 $ 48 5 111 180 56 62 6 61 160 43 Accounts payable Income taxes payable Long-term borrowings Contributed capital Retained earnings Total liabilities and shareholders' equity Statement of Earnings Sales Cost of sales $ 400 $332 $ 200 (120) 80 (10) (51) 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 19 6 (2) 0 Net earnings $ 17 Additional information is as follows: a. Old equipment was sold for cash during 2017. It had an original cost of $48 and an accumulated depreciation of $25. b. A new building was acquired during the year in exchange for a long-term note for $50, 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, 2017 by using the indirect method. (Negative answers should be indicated by a minus sign. Enter your answers in millions.) Answer is complete and correct. 17 LAPORTE INC. Statement of Cash Flows (Partial) For the Year Ended December 31, 2017 Cash flows from operating activities: Net earnings $ Add (deduct) items not affecting cash: Depreciation expense Gain on sale of investments Loss on sale of equipment Increase in accounts receivable Decrease in merchandise inventory Decrease in accounts payable Decrease in income tax payable 10 (6) (20) 7 (14) (1) Net cash used for operating activities (5) 2. Prepare the investing activities section of the statement of cash flows for Laporte Inc. for the year ended December 31, 2017. (Negative answers should be indicated by a minus sign. Enter your answers in millions.) Answer is complete and correct. LAPORTE INC. Statement of Cash Flows (Partial) For the Year Ended December 31, 2017 Cash flows from investing activities: Purchase of equipment $ (35) Sale of equipment 21 Sale of long-term investment 48 Net cash flow from investing activities $ 34 3. Compute each of the following for the year 2017: (a) quality of earnings ratio, (b) capital expenditures ratio, and (c) free cash flow. (Negative answers should be indicated by a minus sign. Round "Ratio" answers to 2 decimal places.) Answer is not complete. (a) 0.29 (b) Quality of earnings ratio Capital expenditures ratio Free cash flow (c) 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.) Answer is complete and correct. Cash flow from financing $ 16 activities 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 2017: (Enter your answers in millions.) Answer is not complete. a. $ 180 b. Cash collected from customers Cash paid to trade suppliers Cash paid for income taxes C. $ 7