55
14
Accounts payable
$178,128
$160,315
15
Accrued liabilities
$50,000
$42,500
16
Total current liabilities
$428,128
$392,815
17
Long-term debt
$490,000
$454,151
18
Other long-term liabilities
$0
$90,000
19
Deferred income taxes
$0
20
Total shareholder equity
$2,381,872
$2,181,872
21
Total liabilities and equity
$3,300,000
$3,118,838
22
Working capital
$890,018
$0
$820,235
$69,783
23
Net fixed capital
$1,613,105
$0
$1,595,914
$17,192
24
Net capital requirements
$86,974
25
NOPAT
$362,201
26
Free cash flow to the firm (row 25–row 24)
$275,227
12249_Feldman_4p_c04.qxd 3/14/05 10:29 AM Page 55