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Rhodes Corporation's financial statements are shown below. Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 2020 2019 Sales $11,000 10,000 Operating costs excluding depreciation 9,578 8,692 Depreciation and amortization 350 320 Earnings before interest and taxes 1,072 988 Less interest 220 200 Pre-tax income 852 788 Taxes (25%) 213 197 Net income available to common stockholders 639 591 Common dividends 205 200 Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2020 2019 Assets Cash $ 650 $ 600 Short-term investments 210 200 Accounts receivable 2,750 2,500 Inventones 1,350 1,200 Total current assets $ 4,960 $ 4,50 Net plant and equipment 3,650 3,50 Total assets $ 8,610 $ 8,000 Liabilities and Equity Accounts payable $ 1,300 $ 1,200 Accruals 650 600 Notes payable 194 100 Total current liabilities 52,144 $ 1,900 Long-term debt 1,300 1,200 Total liabilities 3,444 3,10 Common stock 3,532 3,70 Retained earnings 1,634 1,200 Total common equity $ 5,166 $ 4,900 Total liabilities and equity $ 8,610 $ 8,00 Suppose the federal-plus-state tax corporate tax is 25%. Answer the following questions. . What is the net operating profit after taxes (NOPAT) for 2020? Enter your answer in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answer to the nearest whole number. million b. What are the amounts of net operating working capital for both years? Enter your answers in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answers to the nearest whole number. 2020: $ million 2019: $ million c. What are the amounts of total net operating capital for both years? Enter your answers in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answers to the nearest whole number. 2020: $ illion 2019: $ million d. What is the free cash flow for 2020? Enter your answer in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Cash outflow, if any, should be indicated by a minus sign. Round your answer to the nearest whole number. e. What is the ROIC for 2020? Round your answer to two decimal places. f. How much of the FCF did Rhodes use for each of the following purposes: after-tax interest, net debt repayments, dividends, net stock repurchases, and net purchases of short-term investments? (Hint: Remember that a net use can be negative.) Enter your answers in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answers to the nearest whole number. After-tax interest payment million Reduction (increase) in debt million Payment of dividends million Repurchase (Issue) stock million Purchase (Sale) of short-term investments million
