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way toonswer questions 11-13 2011 Sales revenue Operating expenses Depreciation Interest expense Income before tax Tax Net income 2012 20,000 (15,500) (2.000) (950) 1,550 (620)

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way toonswer questions 11-13 2011 Sales revenue Operating expenses Depreciation Interest expense Income before tax Tax Net income 2012 20,000 (15,500) (2.000) (950) 1,550 (620) 930 Accounts receivable Inventory PP&E Accounts payable Deferred tax liability Shareholders' equity 5,400 5,900 8,000 2,200 300 16,800 5,200 6,200 8,000 2,400 410 16,590 OILIS *P 02918 ) 01919 89 OOSIS 'D 13. What was Free Cash Flow in 2012

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