Use the following information to answer questions 18-21. SHOW YOUR WORK The following information was abstracted from the financial statements of Bateman & Co. for the year ended December 31, 2016: 12/31/16 12/31/15 Change Sales 30,000 Cash 5 2.300 5 4,300 5 (2.000) COGS 18,000 Accounts receivable 3,100 3.000 100 EBIT 8,000 Inventory 1,200 1,500 (300) Net Income 5,000 Accounts payable 1.500 1.800 (300) Operating cash flows 7,000 NOWC $ 5,200 $ 7,000 $ (1.900) Investing cash flows (1.000) Capital expenditures 5 (1,200) Financing cash flows (8,000) Net change in debt 5 2,000 Depreciation expense 5 700 Effective tax rate 40.0% 18. How much cash was received from customers during 2016? 18_ 19. During 2016 the company purchased $17,700 of inventory. How much cash was paid during 2016 for inventory purchases? 20_ 20. In addition to cash paid for inventory, how much cash was used in other operating activities during 2016? 21. How much Free Cash Flow did the company have during 20162 2 1_ 22. Write out the academia equation for free cash flows to the firm