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Graffiti Advertising, Inc., reported the following financial statements for the last two years. 2019 Income Statement Sales $750,727 Costs of goods sold 430,821 165,676 Selling & administrative Depreciation 72,489 EBIT Interest $ 81,741 25,630 $ EBT Taxes 56,111 14,028 Net income $ 42,083 Dividends Addition to retained earnings $ 14,200 $ 27,883 GRAFFITI ADVERTISING, INC. Balance Sheet as of December 31, 2018 Cash $ 17,691 Accounts payable Accounts receivable 25,228 Notes payable Inventory 18,321 Current liabilities Current assets $ 61,240 Long-term debt $ 12,721 19,149 $ 31,870 $ 181,000 Net fixed assets $457,454 Owners' equity $ 305,824 Total assets $518,694 Total liabilities and owners' equity $ 518,694 GRAFFITI ADVERTISING, INC. Balance Sheet as of December 31, 2019 Cash $ 19,003 Accounts payable Accounts receivable 28.025 Notes payable Inventory 30,222 - Current liabilities Current assets $ 77,250 Long-term debt $ 13,962 21,872 $35,834 201,900 Net fixed assets $539,679 Owners' equity $ 379,195 Total liabilities and $ 616,929 owners' equity $ 616,929 Total assets 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.)

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