Using the Shake Shack financial statement for the year ending Dec. 29, 2021.

https://www.sec.gov/Archives/edgar/data/1620533/000162053322000014/shak-20211229.htm

1) Read the following sections: "Growth Strategies" on page 10 and the Consolidated Statements of Cash flows on page 89. Answer the following questions:

2) How many company-owned Shake Shacks did Shake Shack open during its 2021 fiscal year? In 2020 Fiscal year? By what percentage would these new Shacks increase the size of Shake Shack's company-owned Shacks?

3) How much cash did Shake Shack spend on investing activities during its 2019, 2020 and 2021 fiscal years? Do you think the amount spent on investing activities represents the full costs that Shake Shack incurred to open new Shacks? Explain your answer.

4) Where did Shake Shack get the cash used to make these investments? (Look at the statement of Cash Flows, as well as the Balance sheet for clues. Think about where firms get money for investments?)