An annotated statement of cash flows for Sara Lee Corporation is shown below.
a. From Sara Lee’s statement of cash flows, determine the free cash flow for the fiscal years ended 2003 and 2004. Assume 60% of the acquisition of property, plant, and equipment is used to maintain productive capacity, while the remaining 40% adds to productive capacity. Round to the nearest dollar. b. Determine the free cash flow as a percent of sales for both years. The sales were $19,566 and $18,291 for fiscal years 2004 and 2003, respectively (in millions). Round the percent to one decimal place. c. Interpret your results.
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