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From the following information on the income statement and the balance sheet, what is free cash flow to the equity (FCFE) in 2019? Assume that

From the following information on the income statement and the balance sheet, what is free cash flow to the equity (FCFE) in 2019?

Assume that the tax rate is 0.3.

Income Statement

Items

2018

2019

Revenue

2,531

3,059

Cost of goods sold

1,083

1,200

SG&A expense

308

352

Depreciation

410

508

Interest expense

101

158

Balance Sheet

Items 2018 2019
Cash 151 309
Accounts receivable 459 905
Inventory 907 1,208
PP&E 9,000 12,003
Accumulated Dep 4,223 5,762
Accounts payable 606 653
Short-term debt 302 506
Long-term debt 3,038 3,422
Common stock 1,800 1,800
Retained earnings x x

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