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Arlington Corporation's financial statements (dollars and shares are in millions) are provided here. Balance Sheets as of December 31 Assets Cash and equivalents Accounts
Arlington Corporation's financial statements (dollars and shares are in millions) are provided here. Balance Sheets as of December 31 Assets Cash and equivalents Accounts receivable Inventories Total current assets Net plant and equipment Total assets Liabilities and Equity 2021 2020 $13,000 $ 12,000 35,000 30,000 31,765 28,000 $ 79,765 $ 70,000 48,000 47,000 $127,765 $117,000 Accounts payable $ 10,500 $ 9,000 Accruals Notes payable 8,000 6,600 6,000 5,250 Total current liabilities $ 25,100 $ 20,250 15,000 15,000 Long-term bonds Total liabilities Common stock (4,000 shares) Retained earnings Common equity Total liabilities and equity $ 40,100 60,000 27,665 $ 35,250 60,000 21,750 $ 87,665 $ 81,750 $127,765 $117,000 Income Statement for Year Ending December 31, 2021 Sales Operating costs excluding depreciation and amortization EBITDA Depreciation & amortization EBIT Interest EBT Taxes (25%) Net income Dividends paid $226,000 180,000 $ 46,000 4,000 $ 42,000 6,400 $ 35,600 8,900.00 $26,700.00 $20,785.00 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 2021? Assume that all cash is excess cash; i.e., this cash is not needed for operating purposes. 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 2021? Assume that all cash is excess cash; i.e., this cash is not needed for operating purposes. 2020 $ 34,750 million 2021 $ 41,665 million b. What was Arlington's 2021 free cash flow? $ million c. Construct Arlington's 2021 statement of stockholders' equity. Statement of Stockholders' Equity, 2021 Common Stock Retained Earnings Total Stockholders' Equity Shares Amount Balances, 12/31/20 million $ million $ million $ million 2021 Net Income million Cash Dividends million Addition to retained earnings Balances, 12/31/21 million $ 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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