3-(10 marks)

Which of the following statements concerning auction markets is correct? A. The TSX is an auction market. B. NASDAQ is an auction market. C. All trades involve a dealer in an auction market. D. An auction market is called an over-the-counter market. E. A market where buyers specify the lowest price they are willing to pay and sellers indicate the highest price they are willing to accept.

7-(20 marks)

Knickerdoodles, Inc.
	2017	2018
Sales	$740	$785
COGS	430	460
Interest	33	35
Dividends	16	17
Depreciation	250	210
Cash	70	75
Accounts receivables	563	502
Current liabilities	390	405
Inventory	662	640
Long-term debt	340	410
Net fixed assets	1,680	1,413
Common stock	700	235
Tax rate	35%	35%

What is the cash flow to stockholders for 2018? A. $408 B. $417 C. $452 D. $482 E. $503