2020 2019 2020 BALANCE SHEET - IBC Company (December 31) (in millions of dollars) Assets Cash and equivalents Accounts receivable Inventories Total current assets Net plant and equipment Total assets $ $ 2,024 $ 904 733 3,661 $ 5,500 9,161 $ STATEMENT OF CASH FLOW - IBC Company in millions of dollars) Operating Activities Net income Depreciation and amortization Decrease increase) in inventories Decrease increase) in accounts receivable Increase (decrease) in accounts payable Increase (decrease) in accrued wages and taxes Net cash provided by (used in) operating activities 150 822 667 1,639 5,000 6,639 $ $ $ $ $ $ 670 1,100 (67) (82) 38 350 2,010 $ $ 5 $ $ $ $ Liabilities and Equity Accounts payable Accruals Notes payable Total current liabilities Long-term bonds Total liabilities Investing Activities Additions to property, plant, and equipment Net cash used in investing activities $ (1.600) $ (1,600) 422 550 1,374 2,346 2.748 5,094 384 200 664 1,247 1,660 2,907 $ $ $ $ Financing Activities Increase (decrease) in notes payable Increase (decrease) in bonds outstanding Payment of dividends to stockholders Net cash provided by financing activities 710 1,089 (335) 1,464 300 $ $ Common stock Retained earnings Total common equity Total liabilities and equity 300 3.767 4,067 9,161 $ $ $ $ 3.432 3,732 6,639 Summary Net change in cash and equivalents: Cash and equivalents at the beginning of the year Cash and equivalents at the end of the year $ 1,874 $ 150 $ 2,024 INCOME STATEMENT - IBC Company (in millions of dollars) Net sales Operating costs except depreciation and amortization Depreciation and amortization Earnings before interest and taxes (EBIT) Interest expense Earnings before taxes (EBT) Taxes (2596) 2020 2019 $ 11,000 $ 10,000 $ 8,800 $ 8,000 $ 1,100 $ $ 1,000 $ 1,100 $ 1,000 $ 206 $ 93 $ 894 $ 907 $ 223 $ 227 $ 670 680 Net income 2020 2019 $ 162.67 $ PER-SHARE DATA Common stock price Earnings per share (EPS) Dividends per share (DPS) Book value per share (BVPS) $ 8.94 $ 149.26 9.07 4.54 $ $ 4.47 54.22 $ $ 49.75 Use the above financial data to compute the following. Enter your answer in the space provided. a. What is IBC's net operating profit after tax (NOPAT) for 2020? b. How much depreciation expense did the company have in 2020? c. Use the statement of cash flows to estimate how much money the firm invested into working capital in 2020 d. Use the statement of cash flows to estimate how much money the firm invested into long term operating assets in 2020 e. Estimate the firm's free cash flow (FCF) for 2020