Arlington Corporation's financial statements (dollars and shares are in millions) are provided here.
Balance Sheets as of December 31
2016 2015
Assets
Cash and equivalents $ 15,000 $ 11,000
Accounts receivable 25,000 20,000
Inventories 22,835 19,000
Total current assets $ 62,835 $ 50,000
Net plant and equipment 47,000 46,000
Total assets $109,835 $96,000
Liabilities and Equity
Accounts payable $ 10,500 $ 9,000
Accruals 7,300 7,000
Notes payable 7,000 5,000
Total current liabilities $ 24,800 $ 21,000
Long-term bonds 15,000 15,000
Total liabilities $ 39,800 $ 36,000
Common stock (4,000 shares) 50,000 50,000
Retained earnings 20,035 10,000
Common equity $ 70,035 $ 60,000
Total liabilities and equity $109,835 $96,000
Income Statement for Year Ending December 31, 2016
Sales $246,000
Operating costs excluding depreciation and amortization 200,000
EBITDA $ 46,000
Depreciation & amortization 3,000
EBIT $ 43,000
Interest 3,500
EBT $ 39,500
Taxes (40%) 15,800
Net income $ 23,700
Dividends paid 16,470
Required:
a) Enter your answers in millions. For example, an answer of $25,000,000,000 should be entered as 25,000.
What was net operating working capital for 2015 and 2016?
b) What was Arlington's 2016 free cash flow?
Answers: 2
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