Refer to the balance sheet below Balance Sheet as of December 31, 2016 2017 2016 2017 Acct. Payable $1,000,000 $4,251,500 $12,703,000 $2,000,000 Cash Acct. Receivable $3,800,000 $3,600,000 Notes Payable $3,727,400 $4,330,800 $1,500,000 $200,000 Current Liabilities $5,727,400 $5,330,800 Inventory $16,503,000 Current Asset $9,551,500 $1,700,000 Long Term Debt $1.509,000 $7,236,400 $7,030,800 $6,730,000 $8,500,000 Gross Fixed Assets Total Liabilities ($1,200,000) ($1,600,000) Common Stock (0.50 par) $4,500,000 $6,000,000 Less Acc. Depreciation Net Fixed Assets $5,530,000 $6,900,000 $1,392,000 $7,067,200 Capital Surplus Retained Earnings $1,953,100 $3,305,000 $15,081,500 Total Assets $23,403,000 Total Liabilities & Equity $15,081,500 $23,403,000 Calculate the average price at which new shares were issued in 2017 A. $2.39 per share B. $7.18 per share C. $13.04 per share D. $22.65 per share Income Statement for 2017 Sales $11,000,000 Less COGS ($6,300,000) Gross Profit $4,700,000 Less Gen & Adm. Expenses ($900,000) Less Depreciation ($500,000) EBIT $3,300,000 Less Interest Expense ($90,000) Taxable Income $3,210,000 Less Taxes Paid (35 percent rate) ($1,123,500) $2,086,500 Net Income Determine the amount of the dividend paid in 2017. A. $734,600 B. $1,351,900 C. $1,199,036 D. $927,520 Determine the net amount spent to acquire fixed assets (net capital spending) in 2017. A. $1,370,000 B. $1,199,036 C. $2,270,000 D. $1,870,000 Determine the net cash flow to creditors in 2017 A. -$101,000 B. $90,000 C. $281,000 D. -$191,000 Determine the net cash flow to stockholders in 2017. A. $734,600 B. $3,921,030 C. -$6,440,600 D.-$5,675,200