Calculating Cash Flows Cusic Industries had the following operating results for 2012: sales 5 $19,900; cost of goods sold 5 $14,200; depreciation expense 5

$2,700; interest expense 5 $670; dividends paid 5 $650. At the beginning of the year, net fixed assets were $15,340, current assets were $4,420, and current liabilities were $2,470. At the end of the year, net fixed assets were $16,770, current assets were $5,135, and current liabilities were $2,535. The tax rate for 2012 was 40 percent.

a. What is net income for 2012?

b. What is the operating cash flow for 2012?

c. What is the cash flow from assets for 2012? Is this possible? Explain.

d. If no new debt was issued during the year, what is the cash flow to creditors?

What is the cash flow to stockholders? Explain and interpret the positive and negative signs of your answers in

(a) through (d).