Question: Please explain the solution to this general accounting problem using the correct accounting principles. YOU ARE EVALUATING SUMMIT INDUSTRIES AND WANT TO CALCULATE THE FIRM'S

Please explain the solution to this general accounting problem using the correct accounting principles.

YOU ARE EVALUATING SUMMIT INDUSTRIES AND WANT TO CALCULATE THE FIRM'S FREE CASH FLOW. THE INCOME STATEMENT SHOWS THAT SUMMIT EARNED AN EBIT OF $35.64 MILLION, PAID TAXES OF $5.91 MILLION, AND RECORDED DEPRECIATION EXPENSE OF $9.45 MILLION. SUMMIT'S GROSS FIXED ASSETS INCREASED BY $15.73 MILLION YEAR-OVER-YEAR. THE FIRM'S CURRENT ASSETS INCREASED BY 57.52 MILLION AND SPONTANEOUS CURRENT LIABILITIES INCREASED BY $4.26 MILLION. WHAT IS SUMMIT'S FREE CASH FLOW FOR THE YEAR

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