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 $18,000. Its tax rate is 35 percent and the retention ratio is 0.5, what was the cash flow to stockholders?
$27,000
$16,000
$20,000
$25,000
$21,000
$15,000