Which of the following statements is FALSE?

(a) Depreciation expenses have a positive impact on free cash flow.

(b) Free Cash Flow = (Revenues - Costs - Depreciation)(1 -c) - Capital Expenditures -NWC +cDepreciation.

(c) The firm cannot use its earnings to buy goods, pay employees, fund new investments, orpay dividends to shareholders.

(d) The depreciation tax shield is the tax savings that results from the ability to deduct depre-ciation.

(e) None of the first four choices is FALSE

.(f) More than one of first four choices is FALSE