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Butterfly Tractors had $20.00 million in sales last year. Cost of goods sold was $9.20 million, depreciation expense was $3.20 million, interest payment on outstanding debt was $2.20 million, and the firm's tax rate was 21%. Problem a. What was the firm's net income? (Enter your answers in millions rounded to 2 decimal places.) Problem b. What was the firm's cash flow? (Enter your answers in millions rounded to 2 decimal places.) Problem c. What would happen to net income and cash flow if depreciation were increased by $2.20 million? (Enter your numeric answers in millions rounded to 2 decimal places. Select "unaffected" if the results do not affect the balance.) Problem d. What would be the impact on cash flow if depreciation was $2.20 million and interest expense was $3.20 million? (Enter your numeric answer in millions rounded to 2 decimal places. Select "unaffected" if the results do not affect the balance.)
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