question 1 : answer excel form

FREE CASH FLOW Arlington Corporation's financial statements (dollars and shares are in millions) are provided here. Balance Sheets as of December 31 2021 2020 Assets Cash and equivalents $ 15,000 $ 14,000 Accounts receivable 35,000 30,000 Inventories 33,320 27,000 Total current assets $ 83,320 $ 71,000 Net plant and equipment 48,000 46,000 Total assets $131,320 $ 117,000 Liabilities and Equity Accounts payable $ 10,100 $ 9,000 Accruals 8,000 6,000 Notes payable 7,000 5,050 Total current liabilities $ 25,100 $ 20,050 Long-term bonds 20,000 20,000 Total liabilities $ 45,100 $ 40,050 Common stock (4,000 shares) 40,000 40,000 Retained earnings 46,220 36,950 Common equity $ 86,220 $ 76,950 Total liabilities and equity $131,320 $ 117,000Part 2 Fundamental Concepts in Financial Management Income Statement for Year Ending December 31, 2021 Sales $210,000 Operating costs excluding depreciation and amortization 160,000 EBITDA $ 50,000 Depreciation and amortization 6.000 EBIT $ 44,000 Interest 5.350 EBT $ 38,650 Taxes (25%%) 9.663 Net income 5 28,988 Dividends paid $ 19,718 a. What was net operating working capital for 2020 and 20217 Assume that all cash is excess cash; i.e., this cash is not needed for operating purposes. b. What was Arlington's 2021 free cash flow? c. Construct Arlington's 2021 statement of stockholders' equity.FREE CASH FLOW Financial information for Powell Panther Corporation is shown here. Powell Panther Corporation: Income Statements for Year Ending December 11 (millions of dollar) 2021 3030 Sales $ 1,2000 Operating seats excluding depreciation and amortization 1.0200 EDTDA $ 1800 $ 1500 Depreciation and amortization 250 Earnings before interest and taxes (EBIT] S 150D $ 1250 Interest Eamings before bases [EST] 1283 $ 1048 Net income 96 3 786 Common dividends Powell Panther Corporation: Balance Sheets as of December 31 (million of dollar! 2021 2030 Cash and equivalent $ 120 5 100 Accounts receivable 1500 Inventories 180 0 Total current assets $ 3720 Not plant and equipment 300 0 2500 Total avents 5 672 0 16106 Diabilries and Equity Accounts payable $108 0 5 900 Accruals 72 0 600 Notes payable Total current liabilities SM7.0 $ 201 5 (Continued) Concepts in Financial Management Powell Panther Corporation: Balance Sheets as of December 31 [millions of dollars 2021 Long term bands 1530 Total liabilities DZGE$ 5 3515 Common stock (50 million shares! 500 Retained earnings 7250 Common equity $375.0 Total liabilities and equity $6720 5 6100 a. What was net operating working capital for 2020 and 20217 Assume the firm has no corks cash. b. What was the 2021 free cash flow? c. How would you explain the large increase in 2021 dividends