A proposed new project has projected sales of $120,000, costs of $54,000, and depreciation of $12,300. The tax rate is 35 percent. Calculate operating cash flow using the four different approaches. (Do not round intermediate calculations.)

Approaches Operating cash flow

EBIT + Depreciation - Taxes $

Top-down $

Tax-shield $

Bottom-up $

Is the answer the same in each case?

Yes

No