1. Ledger Properties has the following financial information:

	Current Year				Prior Year
Revenues		$	49,900				$	43,610
Administrative expenses			12,100					11,602
Interest expense			816					468
Cost of goods sold			29,615					26,309
Depreciation			1,400					1,350
Net fixed assets			32,700					32,000
Current liabilities			14,652					14,625
Common stock			15,000					14,000
Current assets			16,506					14,687
Long-term debt			12,200					?
Retained earnings			7,365					4,246
Dividends paid			290					275

What is the cash flow of the firm for the current year if the tax rate is 20 percent? Make sure you show your steps. (12 points)