1. The income statement for the Lowell Store, Inc. for the last year had: Sales = $200,000; Cost of Goods Sold = $84,000; Selling, General and Administrative Expense = $18,000; Depreciation = $14,600; and interest expense = 6,477. The company raised $5,308 in new equity and reduced its long-term debt by $14,000. Its tax rate is 30 percent and the retention ratio is 0.4, what was the cash flow from assets?
2. $50,477
3. $37,477
4. $38,477
5. $45,477
6. $44,477
7. $47,477