Question
Arlington Corporation's financial statements (dollars and shares are in millions) are provided here. Balance Sheets as of December 31 2021 2020 Assets Cash and equivalents$
Arlington Corporation's financial statements (dollars and shares are in millions) are provided here.
Balance Sheets as of December 31 2021 2020Assets Cash and equivalents$ 15,000 $ 14,000Accounts receivable35,000 30,000Inventories31,635 28,000 Total current assets$ 81,635 $ 72,000Net plant and equipment47,000 46,000Total assets$128,635 $118,000 Liabilities and Equity Accounts payable$ 10,200 $ 9,000Accruals7,300 6,000Notes payable7,000 5,000 Total current liabilities$ 24,500 $ 20,000Long-term bonds20,000 20,000 Total liabilities$ 44,500 $ 40,000Common stock (4,000 shares)50,000 50,000Retained earnings34,135 28,000 Common equity$ 84,135 $ 78,000Total liabilities and equity$128,635 $118,000Income Statement for Year Ending December 31, 2021Sales$242,000Operating costs excluding depreciation and amortization200,000EBITDA$ 42,000Depreciation & amortization3,000EBIT$ 39,000Interest1,250EBT$ 37,750Taxes (25%)9,437.50Net income$28,312.50Dividends paid$22,177.50
Enter your answers in millions. For example, an answer of $25,000,000,000 should be entered as 25,000. Round your answers to the nearest whole number, if necessary.
What was net operating working capital for 2020 and 2021? Assume that all cash is excess cash; i.e., this cash is not needed for operating purposes.
2020$ million2021$ millionWhat was Arlington's 2021 free cash flow?
$ million
Construct Arlington's 2021 statement of stockholders' equity.
Statement of Stockholders' Equity, 2021 Common StockRetained EarningsTotal Stockholders' Equity SharesAmount Balances, 12/31/20 million$ million$ million$ million 2021 Net Income million Cash Dividends million Addition to retained earnings million Balances, 12/31/21 million$ million$ million$ millionWhat was Arlington's 2021 EVA? Assume that its after-tax cost of capital is 10%. Round your answer to the nearest cent.
$ million
What was Arlington's MVA at year-end 2021? Assume that its stock price at December 31, 2021 was $25. Round your answer to the nearest cent.
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