You are researching Time Manufacturing and have found the following accounting statement of cash flows for the most recent year. You also know that the company paid $98.4 million in current taxes and had an interest expense of $48.4 million. TIME MANUFACTURING Statement of Cash Flows ($ in millions)
Operations Net income $188
Depreciation 95.5
Deferred taxes 20.5
Changes in assets and liabilities
Accounts receivable -19.5
Inventories 23.5
Accounts payable 18.5
Accrued expenses -10.5
Other 4.5
Total cash flow from operations $320.5
Investing activities
Acquisition of fixed assets -$200
Sale of fixed assets 24.5
Total cash flow from investing activities -$175.5
Financing activities
Retirement of long-term debt -$177
Proceeds from long-term debt sales 131
Change in notes payable 7.5
Dividends -101
Repurchase of stock -28
Proceeds from new stock issue 59
Total cash flow from financing activities -$108.5
Change in cash (on balance sheet) $36.5 1.
1. Calculate the operating cash flow.
2. Calculate the capital spending.
3. Calculate the networking capital cash-flow.
4. Calculate the cash flow to creditors.
5. Calculate the cash flow to stockholders.