Principles of Private Firm Valuation

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

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