Please calculate for parts (a), (b) & (c) using the balance sheet, income statement, and formula sheet shown below. Then explain parts (d), (e) and (f). Thanks!

Question 2 Below are the recent Balance Sheet and Income Statement of UGS Trading: Balance Sheet as at 31.12.yyyy Yr 2021 Yr 2020 (figures in thousands) Assets Cash Current Assets 1622 1350 Fixed Assets 6438 4500 Accumulated Depreciation (1740) (1500) Investment in affiliate 2030 1950 Total Assets 8350 6300 Liabilities Account Payable 590 360 Other Accruals 260 240 Current Liabilities 850 600 Bank Loan 510 130 Bond due in year 2030 130 130 Provision for Income Tax 60 40 Total Liabilities 1550 900 Equities Share Capital 4500 3300 Retained Earnings 2300 2100 Total Equity 6800 5400 Total Liabilities & Equities 8350 6300Income Statement for the Year 2021 (figures in thousands) Sales 19950 Cost of Goods Sold (10698) Gross Profit 9252 General & Selling Expenses (7100) Depreciation (240) Gain on Sale of Fixed Asset 8 Earnings before Interest & Tax 1920 Interest (50) Earnings before Tax 1870 Tax (920) Net Income 950 (a) Examine the Cash Flow from Assets (CFFA) for the Year 2021? (10 marks) (b) Examine the Cash Flow to Creditors (CFTC) for the Year 2021? (5 marks) (c) Examine the Cash Flow to Shareholders (CFTS) for the Year 2021? (5 marks) (d) Appraise three (3) key points that you could draw from these three sets of cash flows? (15 marks) (e) Discuss how the firm was financed in Year 2021 by commenting on the level of gearing in Year 2021. (10 marks) (f) Henceforth, infer the likely level of the Return of Equity in the previous Year 2020. Justify your response. (5 marks)Appendix: Formula Sheet Finance and Financial Statements Cash flow from assets = Cash flow to creditors + Cash flow to shareholders Cash flow to creditors = Interest paid - Net new borrowing Cash flow to shareholders = Dividends paid - Net new equity raised\fCash ow from assets (CFFA) = Operating cash ow Net capital spending Changes in net working capital Operating cash ow (OCF) 2 Earnings before interest and taxes (EBIT) + Depreciation Taxes OCF 2 (Sales Costs)(1 Tax rate) + (Depreciation >