For Fiscal Year 2020, Precision Masters had sales of $42,900, cost of goods sold of $26,800, depreciation expense of $1,900, interest expense of $1,300, and dividends paid of $1,000. At the beginning of the year, net fixed assets were $14,300, current assets were $8,700, and current liabilities were $6,600. At the end of the year, net fixed assets were $13,900, current assets were $9,200, and current liabilities were $7,400. The tax rate was 34 percent. What is the cash flow from assets for Fiscal Year 2020?a. $10,514b. $9,914c. $11,114d. $9,360e. $11,970

Option (a) is correct.

Explanation:

EBIT:

= Sales - Cost of goods sold - Depreciation expense

= $42,900 - $26,800 - $1,900

= $14,200

Operating cash flow:

= EBIT + Depreciation - Taxes

= $14,200 + $1,900 - [($14,200 - $1,300) × 0.34]

= $16,100 - $4,386

= $11,714

Capital spending:

= Ending net fixed assets - Beginning net fixed assets + depreciation

= $13,900 - $14,300 + $1,900

= $1,500

Additions to NWC:

= Ending NWC - Beginning NWC

= (9,200 - 7,400) - (8,700 - 6,600)

= $1,800 - $2,100

= -$300

Therefore, the cash flow from assets for Fiscal Year 2020 is as follows:

= Operating cash flow - Capital spending - Additions to NWC

= $11,714 - $1,500 - (-$300)

= $10,514

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