Sales Revenues	$140
Cost of goods sold	43
Fixed costs	17
Selling, general, and administrative expenses	20
Depreciation	6
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	116	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	70	Total liabilities
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

When answering, round to the nearest $0.01 (cent) and DO NOT use dollar signs, USE commas to separate thousands, DO NOT use parenthesis to denote negative numbers, USE the negative sign and place it in front of first digit of your answer when your answer is a negative number. For example, if your result is $43.6 then enter 43.60; if it is -$3 then enter -3.00; if it is $2,456.786 then enter 2,456.79

The Free Cash Flow (FCF) for 2020 is _____________

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