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Balance Sheets as of December 31 2019 2018 Assets Cash and equivalents $ 15,000 $ 14,000 Accounts receivable 35,000 30,000 Inventories 33,610 28,000 Total current

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Balance Sheets as of December 31 2019 2018 Assets Cash and equivalents $ 15,000 $ 14,000 Accounts receivable 35,000 30,000 Inventories 33,610 28,000 Total current assets $ 83,610 $ 72,000 Net plant and equipment 47,000 46,000 Total assets $130,610 $118,000 Liabilities and Equity Accounts payable $ 10,300 $ 9,000 Accruals 7,900 5,000 Notes payable 6,800 5,050 Total current liabilities $ 25,000 $ 19,050 Long-term bonds 15,000 15,000 Total liabilities $ 40,000 $ 34,050 50,000 50,000 Common stock (4,000 shares) Retained earnings Common equity 40,610 33,950 $ 90,610 $ 83,950 Total liabilities equity $130,610 $118,000 Total liabilities and equity $130,610 $118,000 Income Statement for Year Ending December 31, 2019 Sales $241,000 Operating costs excluding depreciation and amortization 200,000 EBITDA $ 41,000 Depreciation & amortization 3,000 EBIT $ 38,000 Interest 2,000 EBT $ 36,000 Taxes (25%) 9,000.00 Net income $ 27,000.00 Dividends paid 20,340.00 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 2018 and 2019? Assume that all cash is excess cash; i.e., this cash is not needed for operating purposes. 2018 $ 44000 million 2019 S 50410 million b. What was Arlington's 2019 free cash flow? 37510 million C. Construct Arlington's 2019 statement of stockholders' equity

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