Question 8 1 pts See the explanation below to work the problem. XYZ Company, a 'for-profit' business, had revenues of $20 million in 2019. Expenses other than depreciation totaled 70 percent of revenues, and depreciation expense was $3.0 million. XYZ Company, must pay taxes at a rate of 40 percent of pretax (operating) income. All revenues were collected in cash during the year, and all expenses other than depreciation were paid in cash. What was XYZ's total cash flow? Hint: Look at the PowerPoint, Chapter 3- Homework Prep, especially as it relates to the 'Depreciation Tax Shield' examples. Net Income + Depreciation