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Graffiti Advertising, Inc., reported the following financial statements for the last two years. 2019 Income Statement Sales $ 574,200 Costs of goods sold 273,935 Selling

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Graffiti Advertising, Inc., reported the following financial statements for the last two years. 2019 Income Statement Sales $ 574,200 Costs of goods sold 273,935 Selling & administrative 124,715 Depreciation 54,558 EBIT Interest $120,992 19,692 EBT Taxes $ 101,300 40,520 Net income $ 60,780 Dividends Addition to retained earnings $ 11,400 $ 49,380 $ 9,486 14,490 GRAFFITI ADVERTISING, INC. Balance Sheet as of December 31, 2018 Cash $ 13,500 Accounts payable Accounts receivable 18,976 Notes payable Inventory 13,812 Current liabilities Current assets $ 46,288 Long-term debt Net fixed assets $344,966 Owners' equity $23,976 135,360 $ 231,918 $ Total assets 391,254 Total liabilities $ 391,254 and owners' equity $ GRAFFITI ADVERTISING, INC. Balance Sheet as of December 31, 2019 Cash $ 14,486 Accounts payable Accounts receivable 21,081 Notes payable Inventory 22,772 Current liabilities Current assets $ 58,339 Long-term debt $ 10,530 16,484 $ 27,014 153,800 $ Net fixed assets $406,293 $ 283,818 Owners' equity Total assets 464,632 Total liabilities and owners' equity $ 464,632 a. Calculate the operating cash flow. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. Calculate the change in net working capital. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c. Calculate the net capital spending. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) d. Calculate the cash flow from assets. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) e. Calculate the cash flow to creditors. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) f. Calculate the cash flow to stockholders. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) a. Operating cash flow b. Change in net working capital c. Net capital spending d. Cash flow from assets Cash flow to creditors f. Cash flow to stockholders e

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