Write out your answers completely. For example, $25$ million should be entered as $25,000,000.$ Round your answers to the nearest dollar, if necessary. Negative

values, if any, should be indicated by a minus sign.

a$.$ What was net operating working capital for $2020$ and $2021?$ Assume the firm has no excess cash.

$2020$: $

$2021$: $

b$.$ What was the $2021$ free cash flow?

$

c$.$ How would you explain the large increase in $2021$ dividends?

I. The large increase in net income from $2020$ to $2021$ explains the large increase in $2021$ dividends.

II$.$ The large increase in free cash flow from $2020$ to $2021$ explains the large increase in $2021$ dividends.

III. The large increase in EBIT from $2020$ to $2021$ explains the large increase in $2021$ dividends.

IV$.$ The large increase in sales from $2020$ to $2021$ explains the large increase in $2021$ dividends.

V$.$ The large increase in retained earnings from $2020$ to $2021$ explains the large increase in $2021$ dividends.Financial information for Powell Panther Corporation is shown below:

Powell Panther Corporation: Income Statements for Year Ending December $31($millions of dollars$)$

Powell Panther Corporation: Balance Sheets as of December $31($millions of dollars$)$Write out your answers completely. For example, $25$ million should be entered as $25,000,000.$ Round your answers to the nearest dollar, if necessary. Negative

values, if any, should be indicated by a minus sign.

a$.$ What was net operating working capital for $2020$ and $2021?$ Assume the firm has no excess cash.

$2020$: $

$2021$: $

b$.$ What was the $2021$ free cash flow?

$

c$.$ How would you explain the large increase in $2021$ dividends?

I. The large increase in net income from $2020$ to $2021$ explains the large increase in $2021$ dividends.

II$.$ The large increase in free cash flow from $2020$ to $2021$ explains the large increase in $2021$ dividends.

III. The large increase in EBIT from $2020$ to $2021$ explains the large increase in $2021$ dividends.

IV$.$ The large increase in sales from $2020$ to $2021$ explains the large increase in $2021$ dividends.

V$.$ The large increase in retained earnings from $2020$ to $2021$ explains the large increase in $2021$ dividends.