Keith Corporation Balance Sheets December 31 Assets 2019 2018 Cash $1,500 $1,040 Marketable securities 1,820 1,170 Accounts receivable 1,950 1,830 Inventories 2,940 2,800 Total current assets $8,210 $6,840 Gross fixed assets $29,510 $28,130 Less: Accumulated depreciation 14,750 13,100 Net fixed assets $14,760 $15,030 Total assets $22,970 $21,870 Liabilities and Stockholders' Equity Accounts payable $1,610 $1,540 Notes payable 2,190 Accruals 180 Total current liabilities $4,550 $3,980 Long-term debt $5,080 $5,150 Total liabilities $9,630 $9,130 Common stock $9,970 $9,970 Retained earnings 3,370 2,770 Total stockholders' equity $13,340 $12,740 Total liabilities and stockholders' equity $22,970 $21,870 2,760 250 Income Statement Data (2019) Depreciation expense Earnings before interest and taxes (EBIT) Interest expense Net profits after taxes Tax rate $1,650 2,660 374 1,806 21% 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)