Principles of Private Firm Valuation

TABLE 4.3

Tentex Balance Sheet and Calculation of Free Cash Flow

Concepts

Change:

Row

Assets

2003

2002

2003/2002

1

Cash

$220,000

$187,000

2

Cash required for operations

$71,251

$64,126

3

Excess cash

$148,749

$122,874

4

Accounts receivable

$356,256

$302,817

5

Inventories

$890,639

$846,107

6

Other current assets

$0

$0

7

Total current assets

$1,686,895

$1,522,924

8

Gross plant and equipment

$5,343,834

$5,076,642

9

Accumulated depreciation

$3,730,729

$3,480,729

10

Net fixed capital

$1,613,105

$1,595,914

11

Total assets

$3,300,000

$3,118,838

12

Liabilities and equity

13

Short-term debt and current portion

of long-term debt

$200,000

$190,000

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