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Problem 1: A company's balance sheet for its just-ended fiscal year is presented in the following table (amounts in millions of dollars). The company's operating income for the year is $245.80 million, and its operating expenses include $22.35 million in stock-based compensation and $95.27 million in depreciation. Its net operating capital at the end of the preceding year was $1,165.25 million. What is the company's free cash flow for the year if its tax rate is 25%? Assume "other long-term liabilities" are operating liabilities.
Assets
Cash 159.00Marketable securities 79.20Accounts receivable 195.00Inventories 225.90Deferred income taxes 78.00Prepaid expenses 90.30Total current assets 827.40Net plant and equipment 694.44Intangible assets 242.76Total assets 1,764.60
Liabilities and EquityAccounts payable 126.00Notes payable 294.00Accruals 96.30 Total current liabilities 516.30Long-term debt 324.00Post-employment obligations 268.80Deferred income taxes 96.00Other long-term liabilities 144.90Total liabilities 1,350.00Common stock 330.60Retained earnings 84.00Total equity 414.60Total liabilities and equity 1,764.60
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