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22. The following is income statement and balance sheet information for a firm. (in Smillions) Sales COGS Interest 2011 $285 2012 $320 175 200

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22. The following is income statement and balance sheet information for a firm. (in Smillions) Sales COGS Interest 2011 $285 2012 $320 175 200 20 35 Dividends Depreciation 10 10 40 45 Current Assets 225 210 Current Liabilities 95 85 Long Term Debt 320 340 Net Fixed Assets 640 700 Owners' Equity 440 495 Taxes ($ amount) 17.5 17.5 Note: when answering this problem, do not waste time constructing income statements and balance sheets. Use the above information directly. (a) Calculate Net Capital Spending for 2012 (b) Suppose Cash Flow to Stockholders for 2012 -12.5. In one, very short sentence) interpret this result. Calculate Cash Flow to Bondholders for 2012. (c) Using the result from part (b) (i.e., do not use the original data), calculate Cash Flow from Assets (i.e., free cash flow. Interpret in one, very short sentence,

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