Choose one real company, find its financial statements, and compute the Cash Flow from Assets (Free Cash Flow, FCF) for the company using its financial statements. Please show your computations for the following. Operating Cash Flow (OCF) Capital Spending Change in Net Working Capital (NWC) Cash Flow from Assets (Free Cash Flow, FCF) = OCF - Capital Spending - Change in NWC Free Cash Flow for Walmart in 2021 (An Example) I like to compute the Free Cash Flow (FCF) for Walmart in 2021. I first collect the following information from its latest financial statements on yahoo finance (Financials). Note that figures are in millions. EBIT or Operating Income: $22,548 (Income Statement) Tax: $6,858 (Income Statement) Depreciation: $11,152 (Cash Flow Statement) Current Assets (CA) in 2021: $90,067 (Balance Sheet) Current Liabilities (CL) in 2021: $92,645 (Balance Sheet) Current Assets (CA) in 2020: $61,806 (Balance Sheet) Current Liabilities (CL) in 2020: $77,790 (Balance Sheet) Fixed Assets in 2021 = $162,429 (Balance Sheet) Fixed Assets in 2020 = $174,689 (Balance Sheet) Then, I can start computing the FCF as the following. Operating Cash Flow (OCF) = EBIT + Depreciation - Tax = 22,548 + 11,152 - 6,858 = 26,842 million Capital Spending in 2021 = Ending Fixed Assets - Beginning Fixed Assets + Dep = 162,429 - 174,689 + 11,152 = -1,108 million Change in Net Working Capital in 2021 = Ending NWC - Beginning NWC = Ending (CA-CL) - Beginning (CA-CL) = 190,067 - 92,645) - (61,806 - 77,790) = 13,406 million Cash Flow from Assets (FCF) = OCF - Capital Spending - Change in NWC = 26,842 - (-1,108) - 13,406 = 14,538 million We can conclude that in 2021 Walmart generated the "free" cash amount of $14,538 million for its investors, including bondholders and shareholders