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Tree Top Adventures leads people on zip line and canopy tours. Tree Top Adventures has provided its actual results for 2020 and estimates for the

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Tree Top Adventures leads people on zip line and canopy tours. Tree Top Adventures has provided its actual results for 2020 and estimates for the next two years 2021 and 2022. The Income Statement and Balance Sheet are provided below. What are the estimated Free Cash Flows for Tree Top Adventures for 2021 and 2022? (12) Income Statement 2020A 2021E 2022E Sales 7,130 8,006 9,044 Cost of Goods Sold 4,777 5.350 6,038 Selling, General & Admin Expenses 784 878 991 Depreciation 125 125 125 Operating Profit 1,444 1.653 1,890 Taxes 303 347 396 Net Income 1,141 1,306 1,494 Balance Sheet 2020A 2021E 2022E Accounts Receivable 586 767 Inventory 327 368 410 PP&E 457 467 492 672

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