360 240 996 796 199 Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 2020 2019 Sales $ 12,000 $ 11,000 Operating costs excluding depreciation 10,504 9,674 Depreciation and amortization 330 Earnings before interest and taxes $ 1,136 996 Less interest 200 Pre-tax income Taxes (25%) Net income available to common 672 $ 597 stockholders Common dividends $ 202 $ 200 Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2020 2019 Assets Cash $ 450 $ 400 Short-term investments 230 200 Accounts receivable 2,750 2,500 Inventories 1,750 1,600 Total current assets $5,180 $4,700 Net plant and equipment 3,650 3.500 Total assets $8,830 $8,200 200 Liabilities and Equity Accounts payable $ 900 $ 800 Accruals 450 400 Notes payable 372 Total current liabilities $1,722 $1,400 Long-term debt 900 800 Total liabilities $2,622 2,200 Common stock 4,638 4,900 Retained earnings 1,570 1,100 Total common equity $6,208 $6,000 Total liabilities and equity $8,830 $8,200 Suppose the federal-plus-state tax corporate tax is 25%. Answer the following questions. a. What is the net operating profit after taxes (NOPAT) for 2020? Enter your answer in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answer to the nearest whole number. million b. What are the amounts of net operating working capital for both years? Enter your answers in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answers to the nearest whole number. 2020: $ million 2019: $ million c. What are the amounts of total net operating capital for both years? Enter your answers in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answers to the nearest whole number. 2020: $ million 2019: $ million d. What is the free cash flow for 2020? Enter your answer in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Cash outflow, if any, should be indicated by a minus sign. Round your answer to the nearest whole number. million e. What is the ROIC for 2020? Round your answer to two decimal places. % 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.) Enter your answers in millions. For example, an answer of Si million should be entered as 1, not 1.000.000. Round your answers to the nearest whole number. million $ million million After-tax interest payment Reduction (increase) in debt Payment of dividends Repurchase (Issue) stock Purchase (Sale) of short-term investments million $ million