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

$20192018$

Sales $ $2,470\mathrm{.}0$ $ $1,900\mathrm{.}0$

Operating costs excluding depreciation and amortization $2,100\mathrm{.}01,615\mathrm{.}0$

EBITDA $ $370\mathrm{.}0$ $ $285\mathrm{.}0$

Depreciation and amortization $48\mathrm{.}038\mathrm{.}0$

Earnings before interest and taxes $($EBIT$)$ $ $322\mathrm{.}0$ $ $247\mathrm{.}0$

Interest $54\mathrm{.}341\mathrm{.}8$

Earnings before taxes $($EBT$)$ $ $267\mathrm{.}7$ $ $205\mathrm{.}2$

Taxes $(25\%)107\mathrm{.}182\mathrm{.}1$

Net income $ $160\mathrm{.}6$ $ $123\mathrm{.}1$

Common dividends $ $144\mathrm{.}5$ $ $98\mathrm{.}5$

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

$20192018$

Assets

Cash and equivalents $ $38\mathrm{.}0$ $ $29\mathrm{.}0$

Accounts receivable $321\mathrm{.}0247\mathrm{.}0$

Inventories $356\mathrm{.}0285\mathrm{.}0$

Total current assets $ $715\mathrm{.}0$ $ $561\mathrm{.}0$

Net plant and equipment $475\mathrm{.}0380\mathrm{.}0$

Total assets $ $1,190\mathrm{.}0$ $ $941\mathrm{.}0$

Liabilities and Equity

Accounts payable $ $167\mathrm{.}0$ $ $152\mathrm{.}0$

Accruals $188\mathrm{.}0171\mathrm{.}0$

Notes payable $49\mathrm{.}438\mathrm{.}0$

Total current liabilities $ $404\mathrm{.}4$ $ $361\mathrm{.}0$

Long$-$term bonds $494\mathrm{.}0380\mathrm{.}0$

Total liabilities $ $898\mathrm{.}4$ $ $741\mathrm{.}0$

Common stock $238\mathrm{.}6163\mathrm{.}1$

Retained earnings $53\mathrm{.}036\mathrm{.}9$

Common equity $ $291\mathrm{.}6$ $ $200\mathrm{.}0$

Total liabilities and equity $ $1,190\mathrm{.}0$ $ $941\mathrm{.}0$

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.

What was net operating working capital for $2018$ and $2019?$ Assume the firm has no excess cash.

$2018$: $

$2019$: $

What was the $2019$ free cash flow?

$

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