Which of the following statements about the reformulated financial statements is TRUE?

	1.	Free cash flow (FCF) generated from operations must be used in the firms financing activities
	2.	The only use available to the firm for its surplus free cash flow (FCF) is to return it to the shareholders by either paying a larger dividend or by repurchasing shares.
	3.	Operating cash should always be calculated as 0.5% of sales
	4.	Dividends payable should appear in the reformulated Balance Sheet as a financial obligation