Calculate the firms free-cash-flow (FCF) for Tully during 2019 and carefully interpret the meaning of free cash flow that you calculated to the firm's investors.

Use the following balance sheets and income statement for this question Balance Sheets 2019 2018 2019 2018 Cash and cash equivalents 1,148.1 1,164 Account payables 540 282.6 Short term investment sec. 902.6 285.7 Accrued expenses 1,086.5 1,082.4 Account receivables 386.5 302.7 Notes payables 449.3 414.1 Inventories 965.8 543.3 Long-term debt 549.5 549.4 Other receivables 391.9 460.7 Other long-term debt 347.8 375.1 Total Current Assets 3,794.9 2,756.4 Total liabilities 2,973.1 2,703.6 Common stock+paid in Net Property Plants (Net PPE) 2,355 2,416.5 cap. 40.1 40.1 Other long-term assets 1,210.5 1,213 Retained earnings 4,347.2 3,642.2 Total Assets 7,360.4 6,385.9 Total liab + Equity 7,360.4 6,385.9 All numbers are in million dollars Income Statements 2019 2018 Net sales 11,700.4 10,707.4 Cost of sales 9,016.4 8,303.2 Selling & admin. expense 636.1 622.5 Depreciation expense 523.3 510.4 Operating Income 1,524.6 1,271.3 Interest expense -33.3 -32.7 Interest income 319.8 198.4 Earnings before income tax 1,811.1 1,437 Income taxes 543.33 431.1 Net earnings 1,267.77 1,005.9 Total dividend payment 705.00 560.00