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Rhodes Corporation's financial statements are shown below. Rhodes Corporation: Income Statements for Year Ending December 3 1 ( Millions of Dollars ) 2 0 2

Rhodes Corporation's financial statements are shown below.
Rhodes Corporation: Income Statements for Year Ending December 31
(Millions of Dollars)
2022
2021
Sales
$
11,000
$
10,000
Operating costs excluding depreciation
9,578
8,700
Depreciation and amortization
350
340
Earnings before interest and taxes
$
1,072
$
960
Less interest
140
100
Pre-tax income
$
932
$
860
Taxes (25%)
233
215
Net income available to common stockholders
$
699
$
645
Common dividends
$
202
$
200
Rhodes Corporation: Balance Sheets as of December 31(Millions of Dollars)
2022
2021
Assets
Cash
$
550
$
500
Short-term investments
210
200
Accounts receivable
2,750
2,500
Inventories
1,250
1,200
Total current assets
$
4,760
$
4,400
Net plant and equipment
3,750
3,500
Total assets
$
8,510
$
7,900
Liabilities and Equity
Accounts payable
$
1,100
$
1,000
Accruals
550
500
Notes payable
192
100
Total current liabilities
$
1,842
$
1,600
Long-term debt
1,100
1,000
Total liabilities
$
2,942
2,600
Common stock
4,071
4,300
Retained earnings
1,497
1,000
Total common equity
$
5,568
$
5,300
Total liabilities and equity
$
8,510
$
7,900
Suppose the federal-plus-state tax corporate tax is 25%. Answer the following questions.
What is the net operating profit after taxes (NOPAT) for 2022? 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
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.
2022: $ million
2021: $ million
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.
2022: $ million
2021: $ million
What is the free cash flow for 2022? 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.
$ million
What is the ROIC for 2022? Round your answer to two decimal places.
%
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

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