Use the following information for Problems # 4 and 5:

Income Statement
	For the Year
Net sales	$827,500
COGS	611,800
Depreciation	23,100
EBIT	$192,600
Interest	9,700
Taxable income	$182,900
Taxes	6,200
Net income	176,700

Balance Sheet
	Beginning of Year	End of Year
Cash	$ 38,200	$43,700
Accounts receivable	91,400	86,150
Inventory	203,900	214,600
Net fixed assets	516,100	537,950
Total assets	849,600	$882,400
Accounts payable	$136,100	104,300
Long-term debt	329,500	298,200
Common stock	75,000	82,000
Retained earnings	309,000	397,900
Total Liab. & Equity	$849,600	882,400

There are 100,000 shares trading at $12.50 per share at the beginning of the year and at $15 per share at the end of the year.

Problem #4

Show the computation of Cash-Flow from Assets by computing Operating Cash-Flow, and Capex, and Working Capital Investment. Show how this Cash-Flow is distributed to Debtholders (or Creditors) and Stockholders. Explain if any new issue of debt or equity has been made or any debt redemption and stock buybacks.