Sales Revenues $$90,000$

Cost of goods sold $54,500$

Fixed costs

Selling, general, and administrative expenses $18,750$

Depreciation $1,000$

EBIT $3,750$

Interest expense

Taxable Income $3,750$

Taxes

Net Income $3,000$

$***$ Tax rate $20\%$

Dividens paid $600$

Partial Balance Sheet $12/31/2015$

ASSETS LIABILITIES

Current Assets Current Liabilities

Cash $1,000$ Notes payable

Accounts receivable Accounts payable $6,800$

Inventories $5,000$ Total current liabilities

Total current assets Long$-$term debt $22,000$

Total Liabilities $29,800$

Gross Fixed assets $90,000$ OWNERS' EQUITY

Accumulated depreciation $10,000$ Retained earnings

Net Fixed assets $80,000$ Common stock $50,000$

Intangible assets $0$ Total owner's equity $61,200$

TOTAL ASSETS $$91,000$ TOTAL LIABILITIES & OWNER'S EQUITY $$91,000$

Partial Balance Sheet $12/31/2016$

ASSETS LIABILITIES

Current Assets Current Liabilities

Cash $3,000$ Notes payable

Accounts receivable Accounts payable $8,000$

Inventories $8,000$ Total current liabilities $10,000$

Total current assets $14,000$ Long$-$term debt

Gross Fixed assets $80,000$ Total liabilities $19,400$

Accumulated depreciation $11,000$ OWNERS' EQUITY

Net Fixed Assets $69,000$ Retained earnings

Intangible assets $0$ Common stock

Total long$-$term assets $69,000$ Total owner's equity

TOTAL ASSETS TOTAL LIABILITIES & OWNER'S EQUITY

DO NOT use dollar signs, DO NOT USE commas to separate thousands, DO NOT use parenthesis to denote negative numbers, USE the negative sign in front of first digit for negative numbers. Round to the nearest dollar. For example, if you obtain $$200,436\mathrm{.}75$ then enter in the box: $200437$

$1.$ What is the Net Cash Flow $($NCF$)$ for $2016?$

$2.$ What is the Gross investments in fixed assets for $2016?$

$3.$ What is the investment in Net Operating Working Capital $($Investment NOWC$)$ for $2016?$

$4.$ What is the Free Cash Flow $($FCF$)$ for $2016?$