Question
Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 2016 2015 Sales $2,875.0 $2,500.0 Operating costs excluding depreciation 2,156.0 2,125.0 Depreciation and
Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 2016 2015 Sales $2,875.0 $2,500.0 Operating costs excluding depreciation 2,156.0 2,125.0 Depreciation and amortization 81.0 68.0 Earnings before interest and taxes $638.0 $307.0 Less Interest 62.0 54.0 Pre-tax income $576.0 $253.0 Taxes (40%) 230.4 101.2 Net income available to common stockholders $345.6 $151.8 Common dividends $311.0 $121.0 Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2016 2015 Assets Cash $42.0 $35.0 Short-term investments 15.0 13.0 Accounts receivable 438.0 350.0 Inventories 450.0 375.0 Total current assets $945.0 $773.0 Net plant and equipment 810.0 675.0 Total assets $1,755.0 $1,448.0 Liabilities and Equity Accounts payable $228.0 $175.0 Accruals 219.0 175.0 Notes payable 58.0 50.0 Total current liabilities $505.0 $400.0 Long-term debt 575.0 500.0 Total liabilities $1,080.0 $900.0 Common stock 594.4 502.0 Retained earnings 80.6 46.0 Total common equity $675.0 $548.0 Total liabilities and equity $1,755.0 $1,448.0 Using Rhodes Corporation's financial statements (shown above), answer the following questions. What is the net operating profit after taxes (NOPAT) for 2016? Enter your answer in millions. For example, an answer of $1.2 million should be entered as 1.2, not 1,200,000. Round your answer to one decimal place. $ million
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