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.
Balance Sheets as of December 31 2019 2018 Assets Cash and equivalents Accounts receivable Inventories $ 15,000 30,000 25,900 $ 70,900 54,000 $ 124,900 $ 14,000 20,000 19,000 $ 53,000 49,000 $102,000 Total current assets Net plant and equipment Total assets Liabilities and Equity Accounts payable Accruals Notes payable Total current liabilities Long-term bonds Total liabilities Common stock (4,000 shares) Retained earnings Common equity Total liabilities and equity $ 10,200 8,000 6,700 $ 24,900 20,000 $ 44,900 50,000 30,000 $ 80,000 $124,900 $ 8,000 5,000 5,500 $ 18,500 20,000 $ 38,500 50,000 13,500 $ 63,500 $102,000 Income Statement for Year Ending December 31, 2019 Sales $228,000 Operating costs excluding depreciation and amortization 180,000 EBITDA $ 48,000 Depreciation & amortization 6,000 Assets Cash and equivalents Accounts receivable Inventories $ 15,000 30,000 25,900 $ 70,900 54,000 $124,900 14,000 20,000 19,000 $ 53,000 49,000 $102,000 Total current assets Net plant and equipment Total assets Liabilities and Equity Accounts payable Accruals Notes payable Total current liabilities Long-term bonds Total liabilities Common stock (4,000 shares) Retained earnings Common equity Total liabilities and equity $ 10,200 8,000 6,700 $ 24,900 20,000 $ 44,900 50,000 30,000 $ 80,000 $124,900 $ 8,000 5,000 5,500 $ 18,500 20,000 $ 38,500 50,000 13,500 $ 63,500 $102,000 Income Statement for Year Ending December 31, 2019 Sales $228,000 Operating costs excluding depreciation and amortization 180,000 EBITDA $ 48,000 Depreciation & amortization 6,000 EBIT $ 42,000 Interest 2,350 EBT $ 39,650 Taxes (25%) 9,912.50 Net income $ 29,737.50 Dividends paid 13,237.50 Enter your answers in millions. For example, an answer of $25,000,000,000 should be entered as 25,000. Round your answers to the nearest whole number, if necessary, a. What was net operating working capital for 2018 and 2019? Assume that all cash is excess cash; i.e., this cash is not needed for operating purposes. 2018$ 2019$ million million b. What was Arlington's 2019 free cash flow? $ million C. Construct Arlington's 2019 statement of stockholders' equity. Statement of Stockholders' Equity, 2019 Common Stock Retained Earnings Shares Amount Total Stockholders Equity $ million million $ million $ million million Balances, 12/31/18 2019 Net Income Cash Dividends Addition to retained earnings Balances, 12/31/19 million million million million $ million $ million $ d. What was Arlington's 2019 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 2019? Assume that its stock price at December 31, 2019 was $25. Round your answer to the nearest cent. $ million
