abe x X Convert to Picture A SmartArt Arrange Qu. Sty Q3: Cusic industries had the following operating results for 2007: sales 12,800; cost of goods sold- 10,400; depreciation expense- 1,900; interest expense- 450; dividends paid-500. At the beginning of the year, net fixed assets were 9,600, current assets were: 3,400, creditors were= 1,800, and accruals-100 . At the end of the year, net fixed assets were= 9,700, current assets were= 3,850, creditors were 2,100, and accruals = 150 . The tax rate for 2007 was 34 percent. - a. What is net income for 2007? b. calculate free cash flow