Company: Chevron Corporation

Item	Amount (in millions)
Net Income	$15,250
Depreciation and Amortization	$10,500
Change in Working Capital	$1,250
Cash Flow from Operating Activities	$27,000
Capital Expenditures	$8,500
Cash Flow from Investing Activities	-$10,500
Cash Flow from Financing Activities	-$12,500
Beginning Cash Balance	$8,500
Ending Cash Balance	$12,500

Questions:

1. What is Chevron’s free cash flow?
2. Calculate the net change in cash for Chevron.
3. Determine the cash flow to sales ratio if Chevron’s revenue is $114,533 million.
4. If Chevron paid $6,000 million in dividends, what is the dividend payout ratio?

What is the cash flow from operations to net income ratio?