P4-6 Finding operating and free cash flows Consider the following summary of Summer Breeze Corporation's financial statements. Mackable sect Amiable Lavende Tocal creates Gross Bed as Les comme depreciation Ne feed assets Tocales Les and stockholders equity Le payable Nais payable December 31 2015 2014 $ 2,000 $ 1,500 2,400 1,800 2.200 2,000 3,000 2.900 $ 9,600 $8.200 $30,900 $29,500 16,300 14,700 $14,600 $14,800 $23,000 $24.200 Tocal $ 1,700 3,400 100 $ 5,200 -5,000 $10.200 $10,000 24,000 $14,000 $24.200 $ 1,600 2,800 200 $ 4,500 5.000 $ 9,500 $10,000 -3.400 $13.400 $23,000 Beholdes Tocal Lebens and todholdes equity CHAPTER 4 Cash Flow and Financial Planning 197 Summer Breeze Corporation Income Statement Data (2015) Depreciation expense $1,800 Earnings before interest and taxes (EBIT) 2,900 Interest expense 397 Net profits after taxes 1,600 Tax rate 40% a. Using Equation 4.1, calculate the firm's net operating profit after tax (NOPAT) for the year ended December 31, 2015. b. Using Equation 4.3, calculate the firm's operating cash flow (OCF) for the year ended December 31, 2015. c. How much cash is available to be distributed to the investors after the firm has met all operating needs and all investment needs? d. Distinguish between the two cash flows calculated in parts b and c