Indicate the effect on this period FCFF and FCFE of a change in each of the items listed below. Assume a $100 increase in each case and a 40 % tax rate.

FCFF = Free Cash Flow to Firm

A. Net Income

B. Cash Operating expenses

C. Depreciation

D. Interest Expense

E. EBIT

F. A/R

G. Accounts Payable

H. PP& E

I. Notes Payable

J. Cash and Dividends paid

K. Proceeds from issuing new common shares

L Common Stock repurchases

***FCFF =

Free cash flowfor the firm (FCFF) is a measure of financial performance that expresses the net amount of cash that is generated for a firm after expenses, taxes and changes in net working capital and investments are deducted.