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Graffiti Advertising, Inc., reported the following financial statements for the last two years. 2019 Income Statement 568,200 Sales $ 273,995 Costs of goods sold Selling

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Graffiti Advertising, Inc., reported the following financial statements for the last two years. 2019 Income Statement 568,200 Sales $ 273,995 Costs of goods sold Selling & administrative Depreciation 124,727 54,570 EBIT Interest $ 114,908 19,428 EBT Taxes $ 95,480 38,192 Net income $ 57,288 $ 10,200 Dividends Addition to retained earnings $ 47,088 GRAFFITI ADVERTISING, INC. Balance Sheet as of December 31, 2018 Cash $ 13,380 Accounts payable Accounts receivable 18,988 Notes payable Inventory 13,800 Current liabilities $ 9,498 14,502 24,000 $ 136,320 Current assets $ 46,168 Long-term debt Net fixed assets $344,606 Owners' equity $230,454 Total assets Total liabilities $ 390,774 and owners' equity 390,774 $ $ 10,518 16,472 GRAFFITI ADVERTISING, INC. Balance Sheet as of December 31, 2019 Cash $ 14,366 Accounts payable Accounts receivable 21,093 Notes payable Inventory 22,760 Current liabilities Current assets $ 58,219 Long-term debt 26,990 152,600 $ Net fixed assets $406,305 Owners' equity $284,934 Total assets Total liabilities and $ 464,524 owners' equity $464,524 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 e. Cash flow to creditors f. Cash flow to stockholders

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