A proposed new project has projected sales of $126,000, costs of $60,000, and depreciation of $12,900. The tax rate is 30 percent. Calculate operating cash flow using the four different approaches.

Approaches	Operating cash flow
EBIT + Depreciation - Taxes	$
Top-down	$
Tax-shield	$
Bottom-up	$

Is the answer the same in each case?

	No
	Yes