Income Statement year ending 2020 Sales Revenues $110 Cost of goods sold 41 Fixed costs 17 Selling, general, and administrative expenses 20 Depreciation EBIT Taxes Net Operating Profits after Taxes (NOPAT) *** Tax rate 40% Dividends paid $10 Partial Balance Sheet 12/31/2019 ASSETS LIABILITIES Current Assets Current Liabilities Cash $4 Accruals $7 Accounts receivable 6 Accounts payable 4 Inventories 5 Total current liabilities Total current assets Long-term debt 20 Total Liabilities Gross Fixed assets 70OWNERS' EQUITY Accumulated depreciation 10 Retained earnings (1) Net Fixed assets Common stock Intangible assets 0 Total owner's equity TOTAL ASSETS TOTAL LIABILITIES & OWNER'S EQUITY (These are cumulative retained earnings but textbook simply calls it retained earnings Partial Balance Sheet 12/31/2020 ASSETS LIABILITIES Current Assets Current Liabilities Cash $3 Accruals $6 Accounts receivable 3 Accounts payable 4 Inventories 7 Total current liabilities Total current assets Long-term debt 15 Gross Fixed assets 119Total liabilities Accumulated depreciation OWNERS' EQUITY Net Fixed Assets Retained earnings Intangible assets Common stock Total long-term assets Total owner's equity TOTAL ASSETS TOTAL LIABILITIES & OWNER'S EQUITY When answering, round to the nearest $0.01 (cent) and DO NOT use dollar signs, DO NOT USE commas to separate thousands, DO NOT use parenthesis to denote negative numbers, USE the negative sign and place it in front of first digit of your answer when your answer is a negative number. For example, if your result is $43.6 then enter 43.60; if it is -$3 then enter -3.00; if it is $2,456.786 then enter 2456.79 The Free Cash Flow (FCF) for 2020 is