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Graffiti Advertising, Inc., reported the following financial statements for the last two years. 2019 Income Statement 570,200 Sales Costs of goods sold Selling & administrative

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Graffiti Advertising, Inc., reported the following financial statements for the last two years. 2019 Income Statement 570,200 Sales Costs of goods sold Selling & administrative Depreciation 273,975 124,723 54,566 EBIT Interest $ 116,936 19,516 EBT Taxes $ 97,420 38,968 Net income $ 58,452 Dividends Addition to retained earnings $ 10,600 $ 47,852 GRAFFITI ADVERTISING, INC. Balance Sheet as of December 31, 2018 Cash $ 13,420 Accounts payable Accounts receivable 18,984 Notes payable Inventory 13,804 Current liabilities Current assets $ 46,208 Long-term debt $ 9,494 14,498 $23,992 $ 136,000 $230,942 Net fixed assets $344,726 Owners' equity Total assets Total liabilities $390,934 * and owners' equity $390,934 GRAFFITI ADVERTISING, INC. Balance Sheet as of December 31, 2019 Cash $ 14,406 Accounts payable Accounts receivable 21,089 Notes payable Inventory 22,764 Current liabilities Current assets $58,259 Long-term debt $ 10,522 16,476 $26,998 $ 153,000 Net fixed assets $ 406,301 Owners' equity $284,562 Total assets *464,560 Total liabilities and owners' equity $464,560 a 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.)

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