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Finding operating and free cash flows Consider the following balance sheets and selected data from the income statement of Keith Corporation.

Keith Corporation Balance Sheets


December 31





$ 1,500

$ 1,000

Marketable securities



Accounts receivable






   Total current assets

$ 8,200

$ 6,800

Gross fixed assets



Less: Accumulated depreciation



   Net fixed assets



   Total assets



Liabilities and stockholders’ equity

Accounts payable

$ 1,600

$ 1,500

Notes payable






   Total current liabilities

$ 4,600

$ 4,000

Long-term debt



   Total liabilities

$ 9,600

$ 9,000

Common stock



Retained earnings



   Total stockholders’ equity



   Total liabilities and stockholders’ equity



Keith Corporation Income Statement Data (2015)

Depreciation expense


Earnings before interest and taxes (EBIT)


Interest expense


Net profits after taxes


Tax rate



  • a.Calculate the firm’s net operating profit after taxes (NOPAT) for the year ended December 31, 2015, using Equation 4.1.
  • b.Calculate the firm’s operating cash flow (OCF) for the year ended December 31, 2015, using Equation 4.3.
  • c.Calculate the firm’s free cash flow (FCF) for the year ended December 31, 2015, using Equation 4.4.
  • d.Interpret, compare, and contrast your cash flow estimates in parts b and c.



hey doc this is a team assignment and I only have to cover bullet C. im going to attach the instructions again on aword doc. not sure how well this is going to show on this website.

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