Question: The 2015 income statement for Egyptian Noise Blasters shows that
The 2015 income statement for Egyptian Noise Blasters shows that depreciation expense is $85 million, NOPAT is $246 million. At the end of the year, the balance of gross fixed assets was $655 million. The change in net operating working capital during the year was $73 million. Egyptian’s free cash flow for the year was $190 million. Calculate the beginning-of-year balance for gross fixed assets.
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