• 1. Calculate free cash flow for JNJ for 2018-2021. (Consider accounts receivable allowances to be a current asset. Also, include both "other current & non-current assets" and "other current & non-current liabilities" in working capital calculation. Remember the general rule that both reduction in current assets and increase in current imply increase in working capital. "Additions to property, plant & equipment" is the new CapEx.) (16)
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