Finding operating and free cash flows Consider the balance sheets and selected data from the income statement of Keith Corporation that follow

.

a. Calculate the firm's net operating profit after taxes (NOPAT) for the year ended December 31,

20192019.

b. Calculate the firm's operating cash flow (OCF) for the year ended December 31,

20192019.

c. Calculate the firm's free cash flow (FCF) for the year ended December 31,

20192019.

d. Interpret, compare and contrast your cash flow estimate in parts (b) and (c).

Keith Corporation Balance Sheets
	December 31
Assets	2019	2018
Cash	$1,500	$950
Marketable securities	1,780	1,170
Accounts receivable	1,960	1,740
Inventories	2,870	2,770
Total current assets	$8,110	$6,630
Gross fixed assets	$29,450	$28,070
Less: Accumulated depreciation	14,670	13,150
Net fixed assets	$14,780	$14,920
Total assets	$22,890	$21,550
Liabilities and Stockholders' Equity
Accounts payable	$1,620	$1,550
Notes payable	2,770	2,220
Accruals	200	350
Total current liabilities	$4,590	$4,120
Long-term debt	$4,980	$4,680
Total liabilities	$9,570	$8,800
Common stock	$9,970	$9,970
Retained earnings	3,350	2,780
Total stockholders' equity	$13,320	$12,750
Total liabilities and stockholders' equity	$22,890	$21,550

Income Statement Data (2019)
Depreciation expense	$1,520
Earnings before interest and taxes (EBIT)	2,650
Interest expense	366
Net profits after taxes	1,804
Tax rate	21 %