Selected Data Taken from the 2017 Financial Statements of Phillips

Essay

Selected data taken from the 2017 financial statements of Phillips Card Company, Inc. are as follows (in millions). $$\begin{array} { l r } \text { Net sales } & \$ 295.9 \\\text { Net cash provided by operating activities } & 17.0 \\\text { Capital expenditures } & 2.6 \\\text { Cash dividends } & 6.5\end{array}$$ Instructions
Compute the free cash flow February 28, 2017; and briefly discuss your results.