Suppose that for UTAR Berhad, we observe that the following Income Statements and Statement of Financial Positions for the year ended 31 December 2009, 2010 and 2011. UTAR Berhad Income Statement for the year ended 31 December 2009 2010 RM'000 RM'000 2011 RM'000 Sales 1,578 2,106 3,265 Cost of goods sold 631 906 1,502 Gross profit 947 1.200 1,763 Operating expenses 600 885 1,503 347 315 260 Interest expenses 63 95 143 Profit before tax 284 220 117 Tax 97 75 40 Net profit 187 145 77 Statement of Financial Position as at 31 December 2009 2010 2011 RM'000 RM'000 RM'000 Fixed Assets 955 1,513 1,583 Cash 30 40 62 Accounts Receivable 175 351 590 Inventory 90 151 300 Total Assets 1,250 2,055 2,535 Accounts Payable 56 81 134 Accruals 15 20 30 Current Liabilities 71 101 164 Long-Term Debt 630 1,260 1,600 Equity 549 694 771 Total Liability & Equity 1,250 2,055 2,535 Additional information: (i) (ii) (iii) Depreciation for 2009, 2010, and 2011 was RM200,000, RM250,000, and RM275,000 respectively. Neither disposable nor revaluation of fixed assets during the years. No shares was sold or repurchased, and like many fast growing companies, UTAR paid no dividends. Assume the tax rate is a flat 34%. Construct Statements of Cash Flows (indirect method) for UTAR Berhad for the year ended 31 December 2010 and 2011. (18 marks) Where is the company's money going to and coming from? Make a comment about their free cash flows during the period. Is it likely to have positive or negative free cash flows in the future? (12 marks)