Sales Revenues	$100
Cost of goods sold	31
Fixed costs	15
Selling, general, and administrative expenses	23
Depreciation	8
EBIT
Taxes
Net Operating Profits after Taxes (NOPAT)
*** Tax rate	40%
Dividends paid	$10
Partial Balance Sheet 12/31/2019
ASSETS		LIABILITIES
Current Assets		Current Liabilities
Cash	$4	Accruals	$7
Accounts receivable	6	Accounts payable	4
Inventories	5	Total current liabilities
Total current assets		Long-term debt	20
		Total Liabilities
Gross Fixed assets	70	OWNERS EQUITY
Accumulated depreciation	10	Retained earnings (1)
Net Fixed assets		Common stock
Intangible assets	0	Total owner's equity
TOTAL ASSETS		TOTAL LIABILITIES & OWNERS EQUITY
(1) These are cumulative retained earnings but textbook simply calls it retained earnings
Partial Balance Sheet 12/31/2020
ASSETS		LIABILITIES
Current Assets		Current Liabilities
Cash	$3	Accruals	$6
Accounts receivable	3	Accounts payable	4
Inventories	7	Total current liabilities
Total current assets		Long-term debt	15
Gross Fixed assets	101	Total liabilities	25
Accumulated depreciation		OWNERS EQUITY
Net Fixed Assets		Retained earnings
Intangible assets	0	Common stock
Total long-term assets		Total owner's equity
TOTAL ASSETS		TOTAL LIABILITIES & OWNERS EQUITY

The Free Cash Flow (FCF) for 2020 is _____________