Company: Microsoft Corporation

Item	Amount (in millions)
Net Income	$44,281
Depreciation and Amortization	$10,000
Change in Working Capital	-$2,500
Cash Flow from Operating Activities	$51,781
Capital Expenditures	$16,500
Cash Flow from Investing Activities	-$20,000
Cash Flow from Financing Activities	-$10,000
Beginning Cash Balance	$8,500
Ending Cash Balance	$30,281

Questions:

1. What is Microsoft’s free cash flow?
2. Calculate the net change in cash for Microsoft.
3. Determine the cash flow to sales ratio.
4. If Microsoft paid $8,000 million in dividends, what is the dividend payout ratio?
5. What is the cash flow from operations to net income ratio?