Gratiti Advertising, Inc., reported the following financial statements for the last two years. 2019 Income Statement Sales $ 569,700 273,980 Costs of goods sold Selling & administrative Depreciation 124,724 54,567 EBIT Interest $ 116,429 19,494 EBT Taxes $ 96,935 38,774 Net income $ 58,161 Dividends Addition to retained earnings $ 10,500 $ 47,661 $ GRAFFITI ADVERTISING, INC. Balance Sheet as of December 31, 2018 Cash $ 13,410 Accounts payable Accounts receivable 18,985 Notes payable Inventory 13,803 Current liabilities Current assets $ 46,198 Long-term debt 9,495 14,499 $23,994 $ 136,080 Net fixed assets $344.696 Owners' equity $230,820 $ GRAFFITI ADVERTISING, INC. Balance Sheet as of December 31, 2018 Cash $ 13,410 Accounts payable Accounts receivable 18,985 Notes payable Inventory 13,803 Current liabilities Current assets $ 46,198 Long-term debt 9,495 14,499 $ 23,994 136,080 Net fixed assets $344,696 Owners' equity $230,820 Total assets Total liabilities and owners' equity $390,894 GRAFFITI ADVERTISING, INC. Balance Sheet as of December 31, 2019 Cash $ 14,396 Accounts payable Accounts receivable 21,090 Notes payable Inventory 22,763 Current liabilities Current assets $58,249 Long-term debt $ 10,521 16,475 $ 26,996 152,900 $406,302 Owners' equity Net fixed assets 284,655 Total assets 464,551 Total liabilities and owners' equity $ 464,551 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 Change in net working capital Net capital spending d. Cash flow from assets Cash flow to creditors Cash flow to stockholders
