Calculate free cash flows given the following information:
EBIT = $65 million
Taxes 40%
Net working capital ($30 million)
Capital spending 45 million
Please use the financial statements below to respond to the following questions:
Calculate the followig ratios for 2019 and 2018 to two decimal places:
	2019	2018
1. Current ratio
2. Quick ratio
3. Average sales per day
Assets		2019			2018		Liabilities and equity		2019			2018
Cash and cash equivalents	$	4,000		$	5,100		Accounts payable	$	2,600		$	2,220
Short-term investments		200			1000		Accruals		4,300			2,560
Accounts Receivable		4,200			3,500		Notes payable		10			340
Inventories		5,800			5,400		Other Current liabilities		970			870
Other Current Assets		2,000			140		Total current liabilities		7,880			5,990
Total current assets		16,200			15,140		Long-term debt		3,500			3,670
Land and Buildings		2,774			2,540		Deferred income taxes		3,011			3,220
Machinery and Equipment		6,700			6,600		Total liabilities		14,391			12,880
Total gross fixed assets		9,474			9,140		Common stock		3			3
Less: Depreciation		-4,700			-4,500		Additional Paid-In Capital		7,150			6,346
Net fixed assets		4,774			4,640		Retained Earnings		1,880			3,501
Goodwill		440			440		Total common equity		9,033			9,850
Deferred income taxes		2,010			2,510
Total assets	$	23,424		$	22,730		Total liabilities and equity	$	23,424		$	22,730
Table 3.15 Niks2, Inc. Income Statement (Millions of Dollars)
		2019			2018
Sales	$	40,000		$	37,000
COGS		22,000			20,400
Gross Profits		18,000			16,600
Less Operating Expenses
Overhead (excl. depreciation)		12,000			10,700
EBITDA		6,000			5,900
Depreciation		700			500
Operating Profit (EBIT)		5,300			5,400
Interest expense		50			50
Net Profit before Taxes (EBT)		5,250			5,350
Taxes (21%)		1103			1124
Net Income	$	4,147		$	4,226
* The company paid out a portion of the net income as dividends in 2018 and 2019.