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The following table shows an abbreviated income statement and balance sheet for Quick Burger Corporation for 2022. INCOME STATEMENT OF QUICK BURGER CORPORATION, 2022 (Figures

The following table shows an abbreviated income statement and balance sheet for Quick Burger Corporation for 2022.

INCOME STATEMENT OF QUICK BURGER CORPORATION, 2022
(Figures in $ millions)
Net sales $ 27,585
Costs 17,587
Depreciation 1,420
Earnings before interest and taxes (EBIT) $ 8,578
Interest expense 535
Pretax income 8,043
Federal taxes (@ 21%) 1,689
Net income $ 6,354

BALANCE SHEET OF QUICK BURGER CORPORATION, 2022
(Figures in $ millions)
Assets 2022 2021 Liabilities and Shareholders' Equity 2022 2021
Current assets Current liabilities
Cash and marketable securities $ 2,354 $ 2,354 Debt due for repayment $ 421
Receivables 1,393 1,353 Accounts payable $ 3,421 3,161
Inventories 140 135 Total current liabilities $ 3,421 $ 3,582
Other current assets 1,107 634
Total current assets $ 4,994 $ 4,476
Fixed assets Long-term debt $ 13,651 $ 12,152
Property, plant, and equipment $ 24,695 $ 22,853 Other long-term liabilities 3,075 2,975
Intangible assets (goodwill) 2,822 2,671 Total liabilities $ 20,147 $ 18,709
Other long-term assets 3,001 3,117 Total shareholders equity 15,365 14,408
Total assets $ 35,512 $ 33,117 Total liabilities and shareholders equity $ 35,512 $ 33,117

In 2022 Quick Burger had capital expenditures of $3,067. a. Calculate Quick Burgers free cash flow in 2022. (Enter your answer in millions.) b. If Quick Burger was financed entirely by equity, how much more tax would the company have paid? (Assume a tax rate of 21%.) (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? (Do not round intermediate calculations. Enter your answer in millions rounded to the nearest whole number.)

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