Graffiti Advertising, Inc., reported the following financial statements for the last two years.

2016 Income Statement Sales $ 568,700 Costs of goods sold 273,990 Selling and administrative 124,726 Depreciation 54,569 EBIT $ 115,415 Interest 19,450 EBT $ 95,965 Taxes 38,386 Net income $ 57,579 Dividends $ 10,300 Addition to retained earnings $ 47,279

GRAFFITI ADVERTISING, INC.

Balance Sheet as of December 31, 2015

Cash $ 13,390 Accounts payable $ 9,497 Accounts receivable 18,987 Notes payable 14,501

Inventory 13,801 Current liabilities $ 23,998 Current assets $ 46,178 Long-term debt $ 136,240 Net fixed assets $ 344,636 Owner's equity $ 230,576 Total assets $ 390,814

Total liabilities and owners' equity $ 390,814

GRAFFITI ADVERTISING, INC.

Balance Sheet as of December 31, 2016

Cash $ 14,376 Accounts payable $ 10,519 Accounts receivable 21,092 Notes pable 16,473

Inventory 22,761 Current liabilities $ 26,992 Current assets $ 58,229 Long-term debt $ 152,700 Net fixed assets $ 406,304 Owner's equity $ 284,841 Total assets $ 464,533

Total liabilities and owners' equity $ 464,533

a. Calculate the operating cash flow. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

Operating cash flow$

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.)

Change innet working capital$

c. Calculate the net capital spending. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

Net capital spending$

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.)

Cash flow from assets$

e. Calculate the cash flow to creditors. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

Cash flow to creditors$

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.)

Cash flow to stockholders$