Using Rhodes Corporation’s financial statements, answer the following questions

Using Rhodes Corporation’s financial statements, answer the following questions.

Income Statement 2010 2009
Sales      11,000      10,000
Operating costs excluding depreciation        9,360        8,500
Depreciation           380           360
EBIT        1,260        1,140
Less interest           120           100
EBT        1,140        1,040
Taxes           456           416
Net Income           684           624
Common dividends           220           200
     
Balance Sheet    
Assets 2010 2009
Cash           550           500
Short-term investments           110           100
Accounts receivable        2,750        2,500
Inventories        1,650        1,500
Total current assets        5,060        4,600
Net plant and equipment        3,850        3,500
Total assets        8,910        8,100
     
Liabilities and Equity        2010        2009
Accounts Payable        1,100        1,000
Accruals           550           500
Notes Payable           384           200
Total current liabilities        2,034        1,700
Long-term debt        1,100        1,000
Total Liabilities        3,134        2,700
Common stock        4,312        4,400
Retained Earnings        1,464        1,000
Total common equity        5,776        5,400
Total liabilities common equity        8,910        8,100

a. What is the net operating profit after taxes (NOPAT) for 2010?
b. What are the amounts of net operating working capital for both years?
c. What are the amounts of total net operating capital for both years?
d. What is the free cash flow for 2010?
e. What is the ROIC for 2010?
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 lie negative.)

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