3. Assuming that the tax rate is 20%, answer the questions below.

2018 2019 Sales 4,200 4,800 Cost of Goods Sold 2,000 2,500 Interest 400 500 Dividends 200 300 Depreciation 300 400 Cash 250 300 Account Receivables 300 400 Account Payables 900 1,000 Inventory 1,000 1,500 Long-term Debt 3,300 4,000 Net Fixed Assets 6,000 6,500

(1) (5 points) What is the firms cash flow from assets for 2019? (2) (3 points) What is the value of cash flow to bondholders for 2019? (3) (5 points) What is the value of cash flow to stockholders for 2019? You are NOT allowed to use the cash flow identity for this problem.

Could you explain in detail with formula