Company Name	Flagstaff Inc.
Closing Date	12/31/2021
Previous Closing Date	12/31/2020
Flagstaff Inc.				Flagstaff Inc.
Balance Sheet as of December 31, 2020 and 2021				Income Statement for the Years Ending December 31, 2020 and 2021
(in millions of dollars)				(in millions of dollars)
	12/31/2021	12/31/2020
	ASSETS				2021	2020
Assets				Net Sales	$ 900.00	$ 945.00
Current Assets:				COGS	$ 774.00	$ 812.70
				EBITDA	$ 126.00	$ 132.30
Cash and equivalents	$ 41.60	$ 47.25		Depreciation and amortization	$ 31.50	$ 31.50
Short-term investments	$ 3.60	$ 3.80		EBIT (operating income)	$ 94.50	$ 100.80
Accounts Receivable	$ 280.00	$ 180.00		Less: Interest	$ 8.90	$ 10.40
Inventory	$ 310.00	$ 241.75		EBT	$ 85.60	$ 90.40
Total	$ 635.20	$ 472.80		Taxes (21%)	$ 17.98	$ 18.98
				NET INCOME	$ 67.62	$ 71.42
Fixed Assets:				Less: Common Stock Dividends	$ 41.23	$ 43.30
Net plant and equipment	$ 315.00	$ 330.75		Addition to Retained Earnings	$ 26.39	$ 28.12
Total assets	$ 950.20	$ 803.55		Per share data
				Common shares (millions)	15	15
	12/31/2021	12/31/2020		Common stock price	$ 50.00	$ 55.00
	LIABILITIES & EQUITY			Earnings per share (EPS)	$ 4.51	$ 4.76
Liabilities and Equity				Dividends per share (DPS)	$ 2.75	$ 2.89
Current liabilities:				Book value per shares (BVPS)	$ 38.72	$ 36.97
Accounts payable	$ 116.93	$ 94.50
Accruals	$ 45.00	$ 47.25		Additional data
Notes Payable	$ 17.40	$ 9.00		Tax Rate	21%	21%
Total	$ 179.33	$ 150.75		WACC	10.0%	10.0%
				Days per year	365	365
Long-term bonds	$ 190.00	$ 98.32
Total Liabilites	$ 369.33	$ 249.07		Sinking fund (millions)	$10	$10
Common stock (20M shares)	$ 444.60	$ 444.60		Lease payments (millions)	$8	$8
Retained Earnings	$ 136.27	$ 109.88
Total Common Equity	$ 580.87	$ 554.48
Total Liabilities and Equity	$ 950.20	$ 803.55
Flagstaff Inc.
Statement of Cash Flows for the Year Ending December 31, 2019
		Cash Provided (Used)
Operating Activities
Net Income before dividends		$ 67.62
Adjustments
Noncash adjustments
Depreciation and amortization		$ 31.50
Due to changes in working capital
Increase in accounts receivable		$ (100.00)
Increase in inventories		$ (68.25)
Increase in accounts payable		$ 22.43
Decrease in accruals		$ (2.25)
Net cash provided (used) by operating activities		$ (48.95)
Investing Activities
Decrease in net fixed assets		$ (15.75)
Sale of short-term investments		$ 0.20
Net cash provided (used) by investing activities		$ (15.55)
Financing Activities
Increase in notes payable		$ 8.40
Increase in bonds outstanding		$ 91.68
Payment of common dividends		$ (41.23)
Net cash flow from financing activities		$ 58.85
Summary
Net change in cash		$ (5.65)
Cash at beginning of year		$ 47.25
Cash at end of year		$ 41.60
		$ (5.65)

1) Five steps for calculating FCF: NOPAT, NOWC, TOC, NIOC, and FCF. Show work through Excel