Interpret the following information regarding Maness Corporation's free cash flows and financing cash flows.
Maness Corporation Free Cash Flows and Financing Cash Flows
Operating income (EBIT) ............................... $1,875
Depreciation expense ........................................ 325
Tax expense ................................................ (320)
After-tax cash flows from operations
Increase in net working capital:
Increase in current assets .............................. ($899)
Increase in accounts payable ............................ 437
Increase in net working capital ..................... ($ 724)
Change in long-term assets:
Decrease in fixed assets ................................ 2,161
Free cash flows ........................................ $3,579
Financing cash flows
Interest paid to lenders ............................... ($ 364)
Repayment of long-term debt ......................... (850)
Repurchase of common stock ....................... (1,024)
Common stock dividends ........................... (1,341)
Financing cash flow ................................ ($3,579)