Macro Incorporation has compiled the following financial information for the year ended 2018 and 2019: 2019 2018 Cash 1,276 1,149 Cost of goods sold 3,284 2,713 Net fixed assets 11,657 8,592 Interest paid 825 735 Common Stock 6,521 5,644 Accounts receivable 808 859 Depreciation 502 484 Taxes paid 519 451 Inventory 1,299 1,123 Accounts payable 643 564 Retained Earnings 1,990 2,123 Other expenses 728 592 Sales $9,618 $7,487 Long-term debt 5,886 3.392 Required: a. Calculate the amounts, by showing all your detailed calculation steps, for the cash flow from assets in 2019 by using both (1) use of fund and (2) financing perspective; the cash flow to creditors and the cash flow to stockholders. (21 marks) b. Briefly explain if it is possible for a company's cash flow to stockholders to be negative in a given year. [within 50 words] c. Calculate the following ratios of the company for the year 2019: (i) Debt-to-equity ratio (ii) Return on assets (ROA) (3 mark) (3 mark) (3 mark) d. You are having a discussion with one of your classmates on dividend policy. Your classmate argues that dividend policy is totally irrelevant. Write a response to this statement justifying that in the real world, dividend policy does matter. [within 200 words] (5 marks)