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Graffiti Advertising, Inc., reported the following financial statements for the last two years. 2019 Income Statement Sales $569,200 Costs of goods sold 273,985 Selling &

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Graffiti Advertising, Inc., reported the following financial statements for the last two years. 2019 Income Statement Sales $569,200 Costs of goods sold 273,985 Selling & administrative 124,725 Depreciation 54,568 EBIT Interest $ 115,922 19,472 EBT Taxes $ 96,450 38,580 Net income $ 57,870 Dividends Addition to retained earnings $ 10,400 $ 47,470 $ GRAFFITI ADVERTISING, INC. Balance Sheet as of December 31, 2018 Cash $ 13,400 Accounts payable Accounts receivable 18,986 Notes payable Inventory 13,802 Current liabilities Current assets $ 46,188 Long-term debt 9,496 14,500 $23,996 $ 136,160 Net fixed assets $344,666 Owners' equity $230,698 Total assets $390,854 and owners' equity Total liabilities $390,854 GRAFFITI ADVERTISING, INC. Balance Sheet as of December 31, 2019 Cash $ 14,386 Accounts payable Accounts receivable 21,091 Notes payable Inventory 22,762 Current liabilities Current assets $58,239 Long-term debt $ 10,520 16,474 $26,994 $152,800 Net fixed assets $406,303 Owners' equity $ 284,748 Total assets 464,542 Total liabilities and owners' equity $464,542 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.) 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.) 130,552 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

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