Minster Inc. is examining its dividend policy and has provided you with the following information: 1 2 3 Revenues $1,200.00 $1,400.00 $1,600.00 Net Income $35.00 $65.00 $155.00 Total Non-cash WC as % of revenues 10.00% 10.00% 10.00% Dividend Payout 0.00% 10.00% 20.00% The non-cash working capital currently is $150 million and the company has a cash balance right now of $50 million. In the most recent year, depreciation amounted to $75 million and capital expenditures were $100 million. You expect depreciation to grow 8% a year and capital expenditures to increase 8% a year, each year for the next 3 years. Assuming that the company would like to double its cash balance by the end of year 3 and do a stock buyback in year 3, estimate how much cash the company will have available for its buyback.

Listed below are several transactions that took place during the first two years of operations for the law firm of pete, pete, and roy.year 1 year 2amounts billed to clients for services rendered $ 170,000 $ 220,000 cash collected from clients 160,000 190,000 cash disbursements salaries paid to employees for services rendered during the year 90,000 100,000 utilities 30,000 40,000 purchase of insurance policy 60,000 0 in addition, you learn that the company incurred utility costs of $35,000 in year 1, that there were no liabilities at the end of year 2, no anticipated bad debts on receivables, and that the insurance policy covers a three-year period.required: 1. & 3. calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the company would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model.2. prepare an income statement for each year according to the accrual accounting model.