Income Statement for 2018

Sales	$455,150,000
Less : Expenses excluding depreciation and amortization (Sales - EBITDA)	$386,877,500 (455,150,000 - 68,272,500)
EBITDA (15% of Sales)	$68,272,500 (455,150,000 * 15%)
Less: Depreciation and amortization (11% of net fixed assets)	$7,388,150 ($67,165,000 * 11%)
EBIT	$60,884,350
Less : Interest Expense	$8,575,000
EBT	$52,309,350
Taxes at 40%	$20,923,740
Net Income	$31,385,610
Less: Common Dividends (40% of Net Income)	$12,554,244
Addition to Retained Earnings	$18,831,366

Calculate 2017 and 2018 net operating working capital (NOWC) and 2018 free cash flow (FCF). Assume the firm has no excess cash. PLEASE SHOW WORK!!

2018 2017 Cash Accounts receivable Inventories Total current assets Net fixed assets Total assets $102,850 103,365 38,444 $244,659 67,165 $311,824 $ 89,725 85,527 34,982 $210,234 42,436 $252,670 Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity $ 30,761 30,477 16,717 $ 77,955 76,264 $154,219 100,000 57,605 $157,605 $311,824 $ 23,109 22,656 14,217 $ 59,982 63,914 $123,896 90,000 38,774 $128,774 $252,670