老师，请教下

问题如下：

To value the three companies’ shares, one team member proposes forecasting FCFE using a sales-based methodology based on the following equation:

FCFE = NI – (1 – DR)(FCInv – Dep) – (1 – DR)(WCInv)

Exhibit 1. Statements of Cash Flow, Most Recent Fiscal Year End (Amounts in Millions of Dollars)

Based on Exhibit 1, using the proposed sales-based methodology to forecast FCFE would produce an inaccurate FCFE projection for which company?

选项：

Company A

Company B

Company C

解释：

In addition to significant non-cash charges other than depreciation in the most recent year, the annual report indicates that Company A expects to recognize additional non-cash charges related to restructuring over the next few years. The given equation for forecasting assumes that the only non-cash charge is depreciation. When the company being analyzed has significant non-cash charges other than depreciation expense, this sales-based methodology will result in a less accurate estimate of FCFE than one obtained by forecasting all the individual components of FCFE.