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, 2019. b. Calculate the firm's operating cash flow (OCF) for the year ended December 31, 2019. c. Calculate the firm's free cash flow (FCF) for the year ended December 31, 2019. d. Interpret, compare and contrast your cash flow estimate in parts (b) and (c). Keith Corporation Balance Sheets December 31 Assets 2019 2018 Cash $1,470 $1,010 Marketable securities 1,800 1,240 Accounts receivable 1,980 1,840 Inventories 2,950 2,850 Total current assets $8,200 $6,940 Gross fixed assets $29,450 $28,070 Less: Accumulated depreciation 14,720 13,140 Net fixed assets $14,730 $14,930 Total assets $22,930 $21,870 Liabilities and Stockholders' Equity Accounts payable Notes payable Accruals Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $1,650 2,770 190 $4,610 $4,950 $9,560 $9,950 3,420 $13,370 $22,930 $1,510 2,230 320 $4,060 $5,020 $9,080 $9,950 2,840 $12,790 $21,870 an Income Statement Data (2019) Depreciation expense Earnings before interest and taxes (EBIT) Interest expense Net profits after taxes Tax rate $1,580 2,730 375 1,860 21%