The income statement for the Lowell Factory, Inc.

| September 2, 2016

Question
The income statement for the Lowell Factory, Inc. for the last year had: Sales = $200,000; Cost of Goods Sold = $84,000; Selling, General and Administrative Expense = $18,000; Depreciation = $14,600; and interest expense = 6,477. The company raised $5,000 in new equity and reduced its long-term debt by $19,000. Its tax rate is 35 percent and the retention ratio is 0.4, what was the cash flow to stockholders?

$20,000

$27,000

$25,000

$15,000

$21,000

$16,000

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