Solution-Use the following income statements and balance

Use the following income statements and balance sheets to calculate Garnet Inc."s free cash flow for 2003.

Garnet Inc.

INCOME STATEMENT	2003	2002
Net sales	$530.0	$500.0
Costs (except depreciation)	400.0	380.0
Depreciation	30.0	25.0
Total operating costs	$430.0	$405.0
Earnings before interest and taxes (EBIT)	100.0	95.0
Less interest	23.0	21.0
Earnings before taxes	77.0	74.0
Taxes (40%)	30.8	29.6
Net income	$ 46.2	$ 44.4

Liabilities and Equity

Accounts payable	$ 56.0	$ 52.0
Notes payable	138.0	130.0
Accruals	28.0	28.0
Total current liabilities	$222.0	$210.0
Long-term bonds	$173.0	$164.0
Common stock	100.0	100.0
Retained earnings	79.0	70.0
Common equity	$179.0	$170.0
Total liabilities and equity	$574.0	$544.0

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