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 $1,450 $1,040 Marketable securities 1,770 1,190 Accounts receivable 2,010 1,830 Inventories 2,860 2,750 Total current assets $8,090 $6,810 Gross fixed assets $29,460 $28,130 Less: Accumulated depreciation 14,680 13,050 Net fixed assets $14,780 $15,080 Total assets $22,870 $21,890 Liabilities and Stockholders' Equity Accounts payable $1,550 $1,490 Notes payable 2,830 2,230 Accruals 200 320 Total current liabilities $4,580 $4,040 Long-term debt $4,960 $5,050 Total liabilities $9,540 $9,090 Common stock $9,980 $9,980 Retained earnings 3,350 2,820 Total stockholders' equity $13,330 $12,800 Total liabilities and stockholders' equity $22,870 $21,890 Income Statement Data (2019) Depreciation expense Earnings before interest and taxes (EBIT) Interest expense Net profits after taxes Tax rate $1,630 2,660 369 1,810 21%