Innovative Designs recently reported $230000 of sales, $140, 500 of operating costs other than depreciation, and $9, 200 of depreciation.
The company had $35, 250 of outstanding bonds that carry a 6.75% interest rate, and its tax rate was 35%. In order to sustain its operations, the firm spent $15, 250 on new fixed assets (capital expenditures) and invested an additional $6, 300 in net operating working capital.
What was the firm's free cash flow (FCF)?