You have obtained the financial information for the past two years for Powell Panther Corporation. Answer the following questions:

Powell Panther Corporation: Income Statements for Year Ending December 31 (Millions of Dollars)

	2002	2001
Sales	$1,200.0	$1,000.0
Operating costs	1,020.0	850.0
EBITDA	$180.0	$150.0
Depreciation and amortization	30.0	25.0
Earnings before interest and taxes (EBIT)	$150.0	$125.0
Less interest	21.7	20.2
Earnings before taxes (EBT)	$128.3	$104.8
Taxes (40%)	51.3	41.9
Net income available to common stockholders	$77.0	$62.9
Common dividends	$60.5	$46.4

Powell Panther Corporation: Balance Sheets as of December 31 (Millions of Dollars)

	2002	2001
ASSETS
Cash and marketable securities	$12.0	$10.0
Accounts receivable	180.0	150.0
Inventories	180.0	200.0
Total current assets	$372.0	$360.0
Net plant and equipment	300.0	250.0
Total assets	$672.0	$610.0
LIABILITIES AND EQUITY
Accounts payable	$108.0	$90.0
Notes payable	67.0	51.5
Accruals	72.0	60.0
Total current liabilities	$247.0	$201.5
Long-term bonds	150.0	150.0
Total debt	$397.0	$351.5
Common stock (50 million shares)	50.0	50.0
Retained earnings	225.0	208.5
Common equity	$275.0	$258.5
Total liability and equity	$672.0	$610.0

Prepare Powells statement of cash flows.

a)What is the net operating profit after taxes (NOPAT) for 2002?

b)What are the amounts of net operating working capital for 2001 and 2002?

c) What are the amounts of total operating capital for 2001 and 2002?