Using Rhodes Corporation's financial statements (shown below), answer the following questions.

a. What is the net operating profit after taxes (NOPAT) for 2015?

b. What are the amounts of net operating working capital for both years?

c. What are the amounts of total net operating capital for both years?

d. What is the free cash flow for 2015?

e. What is the ROIC for 2015?

f. 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? 

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

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

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2014 2015 $11,000 $10,000 Sales Operating costs excluding depreciation Depreciation and amortization Earnings before interest and taxes Less interest Pre-tax income Taxes (40%) Net income available to common shareholders Common dividends 9,360 8,500 380 360 1,140 1,260 120 100 1,140 1,040 416 456 $ 624 684 220 200 %24 2015 2014 Assets Cash 550 $ 500 Short-term investments 110 100 Accounts receivable 2,750 2,500 Inventories 1,650 1,500 Total current assets 5,060 4,600 Net plant and equipment 3,850 3,500 Total assets $ 8,910 $ 8,100 Liabilities and Equity Accounts payable $ 1,100 $ 1,000 Accruals 550 500 Notes payable 384 200 Total current liabilities 2,034 1,700 1,000 2,700 Long-term debt 1,100 Total liabilities 3,134 Common stock (120 million shares) 4,312 4,400 Retained earnings 1,464 1,000 Total common equity 5,776 $ 8,910 5,400 Total liabilities and equity $ 8,100 Price per share 60 55 WACC 12% 12% %24 %24