NFORZATO SIGNO Exercise 1 Alfa is a manufacturing company that produces moments for engines of electric car windows. It operates in Italy and sells to all the major players in the car industry. Below you find the simplified financial statements of year 2016 and 2017 2019 2018 2019 2018 Cash 7,385 5.000 Accounts payable 4,685 3.888 Account Receivables 200 250 Bonds 4,500 4,412 Long term investments 420 540 Accrued revenues 1,000 2,100 Goodwill 650 500 Debt for taves 80 0 Inventory 620 710 Banks 210 350 Prepaid expenses trent Machinery 100 150 3,100 4650 Common equity 2,000 1,050 12.475 11800 12,475 11,800 Sales 4,800 Cost of Goods sold 3.570 SG&A 400 Depreciation & Amortization 370 Gains on disposal 20 Financial expenses 120 Income taxes Net Income 80 280 Long term investments are equity shares" in a company that distributes the Alfa's products in India Debt for taxes are due within three months. Gains on disposal refer to Financial investments Prepare the managerial balance sheet, reformulate the income statement calculating the gross margin, EBITDA, EBIT and EAT. Prepare the cash flow statement, using "Net Financial Position" as the item that you need to explain the variation. The cash flow statement should present both "Cash Flow from Operations" and "Cash Flow from Operating Activities