Question $3.(37$ points$)$

The following is a balance sheet for a firm for fiscal year $2020$ and $2021($in millions of dollars$)$:

$\backslash$table$[[,2021,2020,,2021,2020,],[$Cash and equivalents,$110,100,,$Accounts payable,$1,150,1,090],[$Short$-$term debt,$500,450,,$Accrued liabilities,$450,500],[$Accounts receivable,$740,690,,$Long$-$term debt,$1,400,1,450],[$Inventory$,700,740,,,,],[$Property and plant,$2,600,2,410,,$Common equity,$1,600,1,300],[,{4\mathrm{.}650}_{?},4,390,,{4\mathrm{.}650}_{?},{4\mathrm{.}390}_{?},]]$

The financial statement footnote shows that the account receivable and payable, and the accrued liabilities are not interest bearing.

$3$a$).$ Which assets and liabilities are related to financing activities? What are the net financial obligations $($NFO$)$ and the net operating assets $($NOA$)$ for $2020$ and $2021,$ respectively? $(9$pts$)$

Part of the income statement for $2021$ is shown below. Suppose the company's marginal tax rate is $30\%.$ The firm's other comprehensive income is $$30$ million which is operating related.

$\backslash$table$[[$Gross margin,$600],[$Selling expense,$420],[$Other operating expenses,$75],[$Interest income,$15$