Use the following information to answer questions 1-7

Consider the following abbreviated financial statements for Boathead Enterprises:

BOATHEAD ENTERPRISES

2014 and 2015 Partial Balance Sheets

Assets Liabilities and Owners Equity

2014 2015 2014 2015

Current assets	$ 946	$ 1,008	Current liabilities	$ 385	$ 404
Net fixed assets	3,907	4,600	Long-term debt	2,029	2,197
			Equity	2,439	3,007

BOATHEAD ENTERPRISES

2015 Select Income Statement Info

Sales	$ 12,340
Costs	5,920
Depreciation	1,050
Interest paid	190

The tax rate is 35%. Long term debt trades at par. The firm has 1,000 shares outstanding. Free Cash Flow to the Firm will grow at 2% and the Free Cash Flow to Equity will grow at 7% forever. The weighted average cost of capital is 12%. The cost of equity is 20%. Construct the income statement. Then answer the following 7 questions.

1. What is the change in net working capital for 2015? $

2. What is the change in gross fixed assets, i.e. capital expenditures, for 2015? $

3. What is the Free Cash Flow to the Firm for 2015? $

4. What is the Value of the Firm (Assets)? $

5. What is the stock price per share using the discounted FCFF valuation? $

6. What is the Free Cash Flow to Equity for 2015? $_

7. What is the stock price per share using the discounted FCFE valuation? $