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Arlington Corporation's financial statements (dollars and shares are in millions) are provided here. Assets Balance Sheets as of December 31 2021 2020 Cash and
Arlington Corporation's financial statements (dollars and shares are in millions) are provided here. Assets Balance Sheets as of December 31 2021 2020 Cash and equivalents Accounts receivable Inventories Total current assets Net plant and equipment Total assets Liabilities and Equity Accounts payable Accruals Notes payable Total current liabilities $13,000 $ 12,000 25,000 30,000 29,990 $ 72,990 54,000 $126,990 $ 10,000 7,600 22,000 $ 59,000 49,000 $108,000 $ 9,000 7,000 6,700 5,000 $ 24,300 $ 21,000 Long-term bonds 10,000 10,000 Total liabilities $ 34,300 $ 31,000 Common stock (4,000 shares) 50,000 50,000 Retained earnings 42,690 27,000 Common equity $ 92,690 $77,000 Total liabilities and equity $126,990 $108,000 Income Statement for Year Ending December 31, 2021 Sales $214,000 Operating costs excluding depreciation and amortization 170,000 $44,000 EBITDA Depreciation & amortization EBIT Interest EBT Taxes (25%) Net income Dividends paid 5,000 $ 39,000 2,500 $36,500 9,125.00 $27,375.00 $11,685.00 Enter your answers in millions. For example, an answer of $25,000,000,000 should be entered as 25,000. Round your answers to the nearest whole number, if necessary. a. What was net operating working capital for 2020 and 20217 Assume that all cash is excess cash; l.e., this cash is not needed for operating purposes. 2020$ 2021$ million million b. What was Arlington's 2021 free cash flow? $ million c. Construct Arlington's 2021 statement of stockholders' equity. Balances, 12/31/20 2021 Net Income Statement of Stockholders' Equity, 2021 Common Stock Retained Total Stockholders' Shares Amount Earnings Equity million million. $ million $ million million million Statement of Stockholders' Equity, 2021 Common Stock Retained Total Stockholders' Shares Amount Earnings Equity 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 $ million. d. What was Arlington's 2021 EVA? Assume that its after-tax cost of capital is 10%. Round your answer to the nearest cent. million $ e. 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. $ million
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