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3. financial cash flow and statement of cash flows (10 credits) you


 Financial Cash flow and statement of cash flows (10 credits) 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 $84 million in current taxes and had an interest expense of $41 million. Statement of Cash flows(units:million) Operation Net income 192 Depreciation 76 Deferred Taxes 13 Change in Assets and liabilities Rutgers University FINANCE Hengguo Da 3 Acccounts receivable -16 Inventories 17 Accounts payable 13 Accrued Expenses -7 Other 2 Total cash flow from operation 290 Investing activities Acquisition of fixed assets -198 Sale of fixed assets 21 Total cash flow from investing activities -177 Financing Activities Retirement of long-term debt -150 proceeds from long-term debt sales 115 change in notes payable 8 Dividends -81 Repurchase of stock -11 Proceeds from new stock issue 43 Total cash flow from financing activities -76 change in cash(balance sheet) 37

 (1)Use information above :interest expenses, current tax and statement of cash flow to compute financial cash flow(5 credits).(hint: please first calculate cash flows from three parts and then sum them) 

(2)Based on Statement of cash flow, please calculate the cash flow for shareholders and cash flow for debtholders. Based on Calculation, write down the equation about Cash flow for different stakeholders. (5 credits) 


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