1. You are evaluating the value of Maxima, Inc, a privately-owned company. Maximas income statement and balance sheet are provided below. In this company, all items on the income statement, all assets, and Accounts Payable will increase at the same percentage from 2021 to 2022.

Income Statement	2021		Assumptions:
Revenues	8,476		COGS %			60%
Cost of Goods Sold	5,086		Depreciation %			10%
Depreciation	848		SGA %			12%
SG&A Expense	1,017		Tax			40%
Operating Income	1,526		NWC/Sales			23%
Interest expense	309		Gross PPE/Sales			120%
Earnings before taxes	1,217		Sales growth			6%
Taxes (40%)	487
Net Income	730
Balance Sheet
Cash	169	Accounts Payable		339
Accounts Receivable	848	Long Term Debt			5,066
Inventory	1,271	Total Liabilities				5,405
Total Current Assets	2,289	Paid in Capital			100
Gross PPE	10,171	Retained Earnings			5,260
Accumulated Depr	1,695	Total Shareholders Equity			5,360
Net PPE	8,476	Total Liabilities and
Total Assets	10,765	Shareholders Equity			10,765
		Number of Shares			1,000

1. Today is the end of 2021. Forecast free cash flows for 2022, assuming that all items on the income statement needed to calculate free cash flows, all assets, and Accounts Payable grow at the same percentage (equal to the sales growth rate) from 2021 to 2022. Please include cash as part of working capital as all of it is used for operations.