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Cavaliers Systems, Inc. Balance Sheet (in Millions) Years Ended 31 December 2018 2019 Assets Current assets (Partial Information) Cash and equivalents $210 $248 Accounts receivable

Cavaliers Systems, Inc. Balance Sheet (in Millions)

Years Ended 31 December

2018

2019

Assets

Current assets (Partial Information)

Cash and equivalents

$210

$248

Accounts receivable

489

420

Inventory

585

530

Total current assets

________ ________

Gross fixed assets

2,639

2,597

Liabilities and shareholders equity

Current liabilities

Accounts payable

$280

$256

Accrued taxes and expenses

74

90

Statement of Income (In Millions, except Per-Share Data 31 December 2019)

Total revenues

$3,783

Operating costs and expenses

1,075

EBITDA

_______

Depreciation

167

EBIT

_______

Interest expense

175

Income before tax

_______

Taxes (at 30 percent)

_______

Net income

_______

Your task is, using information from the companys financial statements given above, estimate the company's FCFF.

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