1. Facebook (FB) began fiscal year 2020 with $625 million in cash and ended the fiscal year with

$1.425 billion in cash. During the year Facebook invested in property, plant and equipment

totaling $915 million and had a cash flow from operating activities of $1.325 billion. What

was the cash flow from financing activities?

2. In fiscal year 2020 Coca-Cola (KO) reported sales of $4.5 billion, operating costs other than

depreciation of $1.250 billion, and depreciation of $750 million. During the year Coca-Cola

invested $550 million in fixed assets and had a change in net operating working capital of

$850 million. Coca-Colas tax rate for 2020 was 25% and had 850 million shares of common

stock outstanding at the end of the year. What was Coca-Colas free cash flow per share for

2020?

3. In fiscal year 2020 Chevron (CVX) had revenue of $140 billion, net income of $2.9 billion,

and year-end total assets of $237.5 billion. The firms total-debt-to-total-capital ratio was

35%. The firm finances using only debt and common equity and its total assets equal total

invested capital. Based on the DuPont equation, what was the ROE?