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Use the income statement shown next to calculate free cash flow for Rainier Printing for 2021. In addition to the information in the income statement,
Use the income statement shown next to calculate free cash flow for Rainier Printing for 2021. In addition to the information in the income statement, assume that Rainier had $680,000 in capital expenditures and $480,000 in working capital investments during 2021. Rainier Printing Income Statement January 1 to December 31, 2021 ($ thousands) Net sales $ 10,600 Cost of sales 6,800 Gross profit 3,800 Operating expense 1,180 Depreciation expense 630 Operating income 1,990 Interest expense 330 Income before tax 1,660 Tax 664 Income after tax $ 996 Note: Enter your answer in thousands
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