Question 21 (3.33 points) Based on the following income statement and balance sheet; compute the expected free cash flow to the firm in 2009. 2008 actual 650 320 2009 Forecast Sales 760 Cost of goods 410 sold Gross Profit 350 Depreciation 120 EBIT 230 Interest expenses 50 Pre-tax earnings 180 Taxes (30%) 54 Net Income 126 330 90 240 70 170 51 119 ABC Corp. Balance Sheet 2009 2008 Forecast actual Cash 90 110 2009 Forecast 70 2008 actual 65 Accounts Dernier Accounts payables Short-term dohte 215 190 439 495 ABC Corp. Balance Sheet 2009 2008 Forecast actual Cash 90 110 2009 Forecast 70 2008 actual 65 215 Accounts payables Short-term debts 190 439 Accounts Receivables Inventory Current assets 495 650 955 590 890 560 1,300 1,180 250 Property, plant and equ. Accu. Depreciation (200) (160) 900 Current 509 liabilities Long-term 320 debt Common 900 stock Retained 326 earnings Total liabilities 2,055 and owners' equity 200 Total assets 2,055 1,910 1,919