Rhodes Corporation?s financial statements are shown after part f. Suppose the federalplus- state tax corporate tax is 25%. Answer the following questions.

a. What is the net operating profit after taxes (NOPAT) for 2020?

b. What are the amounts of net operating working capital for both years?

c. What are the amounts of total net operating capital for both years?

d. What is the free cash flow for 2020?

e. What is the ROIC for 2020?

f. How much of the FCF did Rhodes use for each of the following purposes: after-tax interest, net debt repayments, dividends, net stock repurchases, and net purchases of short-term investments? (Hint: Remember that a net use can be negative.)

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Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 2020 $11,000 2019 $10,000 Sales Operating costs excluding depreciation Depreciation and amortization Earnings before interest and taxes 9,612 8,728 380 360 $ 1,008 912 120 Less interest 100 Pre-tax income 888 812 Taxes (25%) 222 203 $ 609 Net income available to common stockholders $ 666 Common dividends 202 24 200 Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2020 2019 Assets Cash $ 550 $ 500 Short-term investments 110 100 Accounts receivable 2,750 2,500 Inventories 1,650 $5,060 1,500 $4,600 Total current assets Net plant and equipment Total assets 3,850 $8,910 3,500 $8,100 Liabilities and Equity Accounts payable $1,100 $1,000 Accruals 550 500 Notes payable Total current liabilities 384 200 $2,034 $1,700 1,100 $3,134 4,312 1,000 $2,700 Long-term debt Total liabilities Common stock 4,400 Retained earnings Total common equity Total liabilities and equity 1,464 $5,776 $8,910 1,000 $5,400 $8,100