Hoop residuation algebras are the {, 1}-subreducts of hoops; they include Hilbert algebras and the {, 1}-reducts of MV-algebras (also known as Wajsberg algebras). The paper investigates the structure and cardinality of finitely generated free algebras in varieties of k-potent hoop residuation algebras. The assumption of k-potency guarantees local finiteness of the varieties considered. It is shown that the free algebra on n generators in any of these varieties can be represented as a union of n subalgebras, each of which (...) is a copy of the {, 1}-reduct of the same finite MV-algebra, i.e., of the same finite product of linearly ordered (simple) algebras. The cardinality of the product can be determined in principle, and an inclusion-exclusion type argument yields the cardinality of the free algebra. The methods are illustrated by applying them to various cases, both known (varieties generated by a finite linearly ordered Hilbert algebra) and new (residuation reducts of MV-algebras and of hoops). (shrink)