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Graffiti Advertising, Inc., reported the following financial statements for the last two years. 2019 Income Statement 565,700 Sales Costs of goods sold 274,020 Selling & administrative 124,732 Depreciation 54,575 EBIT Interest $ 112,373 19,318 EBT Taxes $ 93,055 37,222 es Net income $ 55,833 Dividends Addition to retained earnings $ 9,700 $ 46,133 $ 9,503 14,507 GRAFFITI ADVERTISING, INC. Balance Sheet as of December 31, 2018 Cash $ 13,330 Accounts payable Accounts receivable 18,993 Notes payable Inventory 13,795 Current liabilities Current assets $ 46,118 Long-term debt Net fixed assets $344,456 Owners' equity $ 24,010 $ 136,720 $229,844 Total liabilities 390.574 14,507 Accounts receivable Inventory 18,993 Notes payable 13,795 Current liabilities $ 46,118 Long-term debt Current assets Net fixed assets $ 24,010 $ 136,720 $229,844 $344,456 Owners' equity 390,574 Total assets $390,574 Total liabilities and owners' equity $ 10,513 16,467 GRAFFITI ADVERTISING, INC. Balance Sheet as of December 31, 2019 Cash $ 14,316 Accounts payable Accounts receivable 21,098 Notes payable Inventory 22,755 Current liabilities Current assets $ 58,169 Long-term debt 406,310 Net fixed assets $ Owners' equity $26,980 152,100 $ $285,399 Total assets 464,479 $464,479 Total liabilities and owners' equity $ a. Calculate the operating cash flow. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. Calculate the change in net working capital. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c. Calculate the net capital spending. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) d. Calculate the cash flow from assets. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) e. Calculate the cash flow to creditors. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) f. Calculate the cash flow to stockholders. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) $ 129,726 9,081 116,429 $ $ $ a. Operating cash flow b. Change in net working capital c. Net capital spending d. Cash flow from assets e. Cash flow to creditors f. Cash flow to stockholders 4,216

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