W 1: EOC 6 Problems 2022 2021 Sales Operating costs excluding depreciation $12,000 $11,000 10,572 9,650 Depreciation and amortization 380 370 Earnings before interest and taxes $ 1,048 $ 980 Less interest 280 200 Pre-tax income $ 768 $ 780 Taxes (25%) 192 195 Net income available to common stockholders $ 576 $ 585 Common dividends $ 205 $ 200 Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2022 2021 Assets Cash $ 550 $ 500 Short-term investments 110 100 Accounts receivable 2,750 2,500 Inventories 1,950 1,800 Total current assets $5,360 $4,900 Net plant and equipment 3,750 3,500 Total assets $9,110 $8,400 Liabilities and Equity Accounts payable $1,100 $1,000 Accruals 550 500 Notes payable 180 100 Total current liabilities $1,830 $1,600 Long-term debt 1,100 1,000 Total liabilities $2,930 2,600 Common stock 4,809 4,800 Retained earnings Total common equity Total liabilities and equity 1,371 1,000 $6,180 $5,800 $9,110 $8,400 Suppose the federal-plus-state tax corporate tax is 25%. Answer the following questions. Total common equity Total liabilities and equity $6,180 $5,800 $9,110 $8,400 Suppose the federal-plus-state tax corporate tax is 25%. Answer the following questions. a. What is the net operating profit after taxes (NOPAT) for 2022? 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. $ 786 million b. 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. 2022: $ 20215 3600 million 3300 million c. 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. 20225 2021 $ million million d. What is the free cash flow for 2022? 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 $ million What is the ROIC for 2022? Round your answer to two decimal places. 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? (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 milioni Reduction (increase) in debt mon Payment of dividends $ milion Repurchase (Issue) stock S milion Purchase (Sale) of short-term investments $ million C