Quantitaive analysis $($Excel requirement$)$: Calculate the net investment cash flow $/$ net operating cash flow ratio to see how much of the operating CF is the firm iinvesting for the latest five years for Berkshire Hathway dividen policy paradgram

EXHIBIT $2$: BERKSHIRE HATHAWAY BALANCE SHEET, $2013-2017($IN US$ MILLIONS$)$

$\backslash$table$[[,2013,2014,2015,2016,2017],[$Assets$],[$Cash & Short$-$Term Investments,$48,186,63,269,71,730,86,370,115,954],[$Total Accounts Receivable,$33,323,34,418,36,075,40,397,42,326],[$Inventories$,9,945,10,236,11,916,15,727,16,187],[$Total Current Assets,$91,454,107,923,119,721,142,494,174,467],[$Property$,$ Plant & Equipment Gross,$159,261,179,426,190,972,202,991,214,248],[$Accumulated Depreciation,$37,047,42,182,45,806,50,218,56,029],[$Net Property, Plant & Equipment,$122,214,137,244,145,166,152,773,158,219],[$Total Investments and Advances,$177,858,180,150,182,990,178,098,204,975],[$Intangible Assets,$66,194,70,655,72,505,113,572,114,440],[$Other Assets,$27,211,30,214,31,875,33,917,49,994],[$Total Assets,$484,931,526,186,552,257,620,854,702,095],[$Liabilities & Shareholders' Equity$],[\backslash$table$[[$Short$-$Term Debt & Current Portion$],[$Long$-$Term Debt$]],6,634,8,283,1,989,12,350,19,893],[$Accounts Payable,$37,835,40,223,31,271,35,042,35,903],[$Total Current Liabilities,$44,469,48,506,33,260,47,392,55,796],[$Long$-$Term Debt,$65,590,71,926,82,300,89,294,82,694],[$Deferred Taxes,$57,739,61,235,63,126,77,944,56,607],[$Other Liabilities,$92,648,101,492,114,944,119,865,155,044],[$Total Liabilities,$260,446,283,159,293,630,334,495,350,141],[$Shareholders$\text{'}$ Capital,$35,480,35,581,35,628,35,689,35,702],[$Retained Earnings,$186,410,204,589,219,922,247,312,312,594],[$Accumulated Minority Interest,$2,595,2,857,3,077,3,358,3,658],[$Total Equity,$224,485,243,027,258,627,286,359,351,954],[$Liabilities & Shareholders' Equity,$484,931,526,186,552,257,620,854,702,095]]$

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EXHIBIT $3$: BERKSHIRE HATHAWAY STATEMENT OF PROFIT AND LOSS, $2013-2017($IN US$$,$ MILLIONS EXCEPT EARNINGS PER SHARE$)$

$\backslash$table$[[,2013,2014,2015,2016,2017],[$Sales$/$Revenue$,179,770,194,864,209,995,222,935,241,419],[\backslash$table$[[$Cost of Goods Sold $($COGS$)],[$including Depreciation & Appreciation$]],138,636,149,594,157,051,169,146,197,662],[$Gross Income,$41,134,45,270,52,944,53,789,43,757],[\backslash$table$[[$Selling$,$ General & Administrative$],[($SGA$)$ Expenses$]],11,917,13,721,15,309,18,217,18,181],[$Earnings Before Interest & Taxes,$29,217,31,549,37635,35572,25,576],[$Unusual Expense,$-2,380,191,-948,-669,-718],[$Equity in Affiliates $($Pre$-$Tax$),-,-,-122,923,2,938],[$Interest Expense,$2,801,3,253,3,515,3,497,5,394],[$Pre$-$Tax Income,$28,796,28,105,34,946,33,667,23,838],[$Income Tax,$8,951,7,935,10,532,9,240,-21,515$