Exercise 21. Calculating Cash Flows (LO2) Nanticoke Industries had the following operating results for 2018: sales $22,800; cost of goods sold = $16,050; depreciation expense = $4,050; interest expense = $1,830; dividends paid = $1,300. At the beginning of the year, net assets were $13,650, current assets were $4,800, and current liabilities were $2,700. At the end of the year, net fixed assets were $16,800, current assets were $5,930, and current liabilities were $3,150. The tax rate for 2018 was 34%. a. What is net income for 2018? b. What is the operating cash flow for 2018? c. What is the cash flow from assets for 2018? Is this possible? Explain. d. If no new debt was issued during the year, what is the cash flow to creditors? What is the cash flow to shareholders? Explain and interpret the positive and negative signs of your answers in (a) through (d). Use the following information for Clarington Inc. for C Problems 24 and & 25 (assume the tax rate is 34%): 2017 2018 Sales $11,573 $12,936 Depreciation 1,661 1,736 Cost of goods sold 3,979 4,707 Other expenses 946 824 Interest 776 926 Cash 6.067 6,466 Accounts receivable 8,034 9,427 Short-term notes payable 1,171 1,147 Long-term debt 20,320 24,696 Net fixed assets 50,888 54,273 Accounts payable 4.384 4.644 Inventory 14,283 15,288 Dividends 1,411 1,618