Question
Balance Sheets as of December 31 2021 2020 Assets Cash and equivalents $ 14,000 $ 12,000 Accounts receivable 25,000 20,000 Inventories 21,180 18,000 Total current
Balance Sheets as of December 31 | |||
2021 | 2020 | ||
Assets | |||
Cash and equivalents | $ 14,000 | $ 12,000 | |
Accounts receivable | 25,000 | 20,000 | |
Inventories | 21,180 | 18,000 | |
Total current assets | $ 60,180 | $ 50,000 | |
Net plant and equipment | 49,000 | 45,000 | |
Total assets | $109,180 | $95,000 | |
Liabilities and Equity | |||
Accounts payable | $ 10,300 | $ 9,000 | |
Accruals | 7,600 | 5,000 | |
Notes payable | 6,000 | 5,200 | |
Total current liabilities | $ 23,900 | $ 19,200 | |
Long-term bonds | 15,000 | 15,000 | |
Total liabilities | $ 38,900 | $ 34,200 | |
Common stock (4,000 shares) | 60,000 | 60,000 | |
Retained earnings | 10,280 | 800 | |
Common equity | $ 70,280 | $ 60,800 | |
Total liabilities and equity | $109,180 | $95,000 |
Income Statement for Year Ending December 31, 2021 | |
Sales | $208,000 |
Operating costs excluding depreciation and amortization | 160,000 |
EBITDA | $ 48,000 |
Depreciation & amortization | 4,000 |
EBIT | $ 44,000 |
Interest | 6,650 |
EBT | $ 37,350 |
Taxes (25%) | 9,337.50 |
Net income | $28,012.50 |
Dividends paid | $18,532.50 |
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 | $ million |
2021 | $ million |
What was Arlington's 2021 free cash flow?
$ million
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 | million | ||||
Balances, 12/31/21 | million | $ million | $ million | $ million |
What 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.
$ million
I was thinking for (A) the operating working capital for 2020 is 25,600 million and for 2021 it is 30,280 million?
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