Question 9: Consider the following Balance sheet and income statement for XYZ Company covering years 2014 and 2015: Assets Liabilities 2014 2015 2014 2015 Cash 100 90 Accounts Payable 90 105 Accounts Receivable 50 80 Inventory 100 90 Long Term Debt 360 327 Total Current Assets 250 260 Total Liabilities 450 432 Fixed Costs (PP&E) Equity At Cost 1000 1150 Initial Stock 400 400 Acc. Depreciation -300 -415 Retained Earnings 100 163 Total Fixed Assets 700 735 Total Equity 500 563 Total Assets 950 995 Total Liabilities 950 995 Income Statement 2014 2015 Sales 1000 1050 -Cost of Goods Sold -600 -630 -Depreciation -100 -115 Gross Profit 300 305 -SG&A -100 -105 Operating Income (EBIT) 200 200 -Interest Expense -30 -25 Income before Taxes 170 175 -Taxes (@40%) -68 -70 Profit after Taxes 102 105 -Dividends -40 -42 Retained Earnings 62 63 Using this financial information, construct a Free Cash Flows statement for 2015 (using the Indirect Method) and the calculate Free Cash Flows (FCF) of the firm in 2015?