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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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