had the fo i= $20.1 operating resules for 2016: sales$28,476: depreciation expense S 5739 At the beginning of the year assets were sis28, and current liabilities were S3. I 10. $28,476: cost of goods sold 46 fixed assets were $19 9,872% bi- 2, Cakulating Cash Flows, Tian Football Manufactur se-53,408; interest expense$497- end year, net fixed assets were $22,608, current assets were What is the operating cash flow for 2016? What is the cash flow from assets for 2016? Is this possib creditors? What is the cash flow to stockholders?Expla liabilities were $2.981. The tax rate for 2016 was 40 percen 34, n 16? Is this possible? e? Explain What is net income for 2016? d. If no new debt was issued during the year, what is the E ow e. itive and negative signs of your answers in parts (a) th Cash Flows. Consider the following abbrevia LO 4 22.Calculating statements for Cabo Wabo, Inc.. CABO WABO, INC Partial Balance Sheets as of December 31, 2015 and 2016 CABO WABO, INC. 2016 Income Statement Sales Costs 2016 $40,664 20,393 938 2015 2015 2016 Liabilities and Owners' Equity Depreciation 3,434 Current assets Net fixed assets 12,602 13,175 Long-term debt 218 s 2.881 Current liabilities $1,174 5172 Interest paid 6,873 8,019 a. What is owners' equity for 2015 and 2016? b. What is the change in net working capital for 2016? c. In 2016, Cabo Wabo purchased $7,160 in new fixed assets. How much in fixed assets did the company sell? What is the cash flow from assets for the year? (The tax rate is 40 percent.) During 2016, Cabo Wabo raised $2, 155 in new long-term debt. How much long-term debt must the company have paid off during the year? What is the cash flow to creditors? d. LO 4 23. Cash Flow Identity. Graffiti Advertising, Inc., reported the following financial statements for the last two years. Construct the cash flow identity for the company. Explain what each number means. 2016 Income Statement Sales Cost of goods sold Selling and administrative $714,978 384,591 157,787 EBIT