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Graffiti Advertising, Inc., reported the following financial statements for the last two years.

2019 Income Statement
Sales	$	568,700
Costs of goods sold		273,990
Selling & administrative		124,726
Depreciation		54,569
EBIT	$	115,415
Interest		19,450
EBT	$	95,965
Taxes		38,386
Net income	$	57,579
Dividends	$	10,300
Addition to retained earnings	$	47,279

GRAFFITI ADVERTISING, INC. Balance Sheet as of December 31, 2018
Cash	$	13,390	Accounts payable	$	9,497
Accounts receivable		18,987	Notes payable		14,501
Inventory		13,801
			Current liabilities	$	23,998
Current assets	$	46,178	Long-term debt	$	136,240
Net fixed assets	$	344,636	Owners' equity	$	230,576
Total assets	$	390,814	Total liabilities and owners equity	$	390,814

GRAFFITI ADVERTISING, INC. Balance Sheet as of December 31, 2019
Cash	$	14,376	Accounts payable	$	10,519
Accounts receivable		21,092	Notes payable		16,473
Inventory		22,761
			Current liabilities	$	26,992
Current assets	$	58,229	Long-term debt	$	152,700
Net fixed assets	$	406,304	Owners' equity	$	284,841
Total assets	$	464,533	Total liabilities and owners equity	$	464,533

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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