Question: Please use these equations as you can in the solution: CF from operations = EAT + Depreciation Operating CF = EBIT*(1-T) + Depreciation FCF =

Please use these equations as you can in the solution:

CF from operations = EAT + Depreciation

Operating CF = EBIT*(1-T) + Depreciation

FCF = OCF NFAI NCAI

NFAI = Change in net fixed A + Depreciation

NCAI = Change in current A Change in (accounts payable + accruals)

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Calculate Operating cash flow, Free cash flows, Net current assets, Net fixed assets investment, for David Co. for the year ended December 31, 2019.

For the year ended December 31, 2019 USD in Million

	2018	2019
Depreciation		760
EBIT		1760
Interest Expenses		87
Taxes		560
Cash	5010	6260
AR	585	760
Other current assets	535	85
Net Fixed Assets	1410	1610
AP	95	105
Accruals	285	285

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