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The following table shows an abbreviated income statement and balance sheet for Quick Burger Corporation for 2016. INCOME STATEMENT OF QUICK BURGER CORP., 2016 (Figures

The following table shows an abbreviated income statement and balance sheet for Quick Burger Corporation for 2016.

INCOME STATEMENT OF QUICK BURGER CORP., 2016
(Figures in $ millions)
Net sales $ 27,574
Costs 17,576
Depreciation 1,409
Earnings before interest and taxes (EBIT) $ 8,589
Interest expense 524
Pretax income 8,065
Taxes 2,628
Net income $ 5,437
BALANCE SHEET OF QUICK BURGER CORP., 2016
(Figures in $ millions)
Assets 2016 2015 Liabilities and Shareholders' Equity 2016 2015
Current assets Current liabilities
Cash and marketable securities 2,343 2,343 Debt due for repayment 388
Receivables 1,382 1,342 Accounts payable 3,410 3,150
Inventories 129 124 Total current liabilities 3,410 3,538
Other current assets 1,096 623
Total current assets 4,950 4,432
Fixed assets Long-term debt 13,640 12,141
Property, plant, and equipment 24,684 22,842 Other long-term liabilities 3,064 2,964
Intangible assets (goodwill) 2,811 2,660 Total liabilities 20,114 18,643
Other long-term assets 2,990 3,106 Total shareholders equity 15,321 14,397
Total assets 35,435 33,040 Total liabilities and shareholders equity 35,435 33,040

In 2016 Quick Burger had capital expenditures of $3,056.

a. Calculate Quick Burgers free cash flow in 2016. (Enter your answer in millions.)

b. If Quick Burger was financed entirely by equity, how much more tax would the company have paid? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)

c. What would the companys free cash flow have been if it was all-equity financed?

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