Rhodes Corporation's financial statements are shown below.

Rhodes Corporation: Income Statements for Year Ending December 31

(Millions of Dollars)

20202019Sales$13,000$11,000Operating costs excluding depreciation11,6649,730Depreciation and amortization340330Earnings before interest and taxes$996$940Less interest140100Pre-tax income$856$840Taxes (25%)214210Net income available to common stockholders$642$630Common dividends$201$200

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

20202019AssetsCash$650$600Short-term investments130100Accounts receivable2,7502,500Inventories1,5501,500Total current assets$5,080$4,700Net plant and equipment3,7503,500Total assets$8,830$8,200Liabilities and EquityAccounts payable$1,300$1,200Accruals650600Notes payable184100Total current liabilities$2,134$1,900Long-term debt1,3001,200Total liabilities$3,4343,100Common stock3,6553,800Retained earnings1,7411,300Total common equity$5,396$5,100Total liabilities and equity$8,830$8,200

Suppose the federal-plus-state tax corporate tax is 25%. Answer the following questions.

1. What is the net operating profit after taxes (NOPAT) for 2020? Enter your answer in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answer to the nearest whole number.
2. $million
3. What are the amounts of net operating working capital for both years? Enter your answers in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answers to the nearest whole number.
4. 2020:$million
5. 2019:$million
6. What are the amounts of total net operating capital for both years? Enter your answers in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answers to the nearest whole number.
7. 2020:$million
8. 2019:$million
9. What is the free cash flow for 2020? Enter your answer in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Cash outflow, if any, should be indicated by a minus sign. Round your answer to the nearest whole number.
10. $million
11. What is the ROIC for 2020? Round your answer to two decimal places.
12. %
13. 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? (Hint:Remember that a net use can be negative.) Enter your answers in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answers to the nearest whole number. After-tax interest payment$million Reduction (increase) in debt$million Payment of dividends$million Repurchase (Issue) stock$million Purchase (Sale) of short-term investments$million

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