Problem 3: Use the company's financial data to answer the questions. 2015 2014 Assets Cash Short-term investments Accounts receivable Inventories 7.282 0 632.160 1.287.360 9.000 48.600 351,200 715.200 Total current assets Net fixed assets Total assets 1,926.802 939.790 2.866.592 1,124,000 344,800 1,468.800 Liabilities and equity Accounts payable Notes payable Accrued expenses Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total equity Total liabilities and equity 524,160 720.000 489,600 1.733.760 1.000.000 154,219 460,000 (327.168) 132,832 2.866,592 145,600 200,000 136,000 481,600 323.432 123.896 460.000 203.768 663.768 1.468.800 2015 2014 Sales Cost of goods sold Other expenses Depreciation Total operating costs Earnings before interest and tax Interest expense Earnings before tax Taxes (40%) Net income 5,834,400 5,728,000 680,000 116,960 6.524.960 (690,560) 176.000 (866,560) (346,624) (519.936) 3,432,000 2,864,000 340,000 18.900 3,222.900 209.100 62.500 146,600 58,640 87.960 1) Determine the net operating profit after taxes for 2015 and 2014 2) What are the amounts of net operating working capital for 2015 and 2014? 3) Determine the amount of total net operating capital invested capital) for 2015 and 2014. 4) What is the free cash flow for 2015? 5) Find the economic value added for 2015. Assume that the firm's after-tax cost of capital was 13% 6) Find the economic value added for 2014. Assume that the firm's after-tax cost of capital was 11%