Financial information for Powell Panther Corporation is shown below:
Powell Panther Corporation: Income Statements for Year Ending December 31 (Millions of Dollars)
2018  2017  
Sales  $  3,900.0  $  3,000.0  
Operating costs excluding depreciation and amortization  2,925.0  2,550.0  
EBITDA  $  975.0  $  450.0  
Depreciation and amortization  90.0  69.0  
Earnings before interest and taxes (EBIT)  $  885.0  $  381.0  
Interest  86.0  66.0  
Earnings before taxes (EBT)  $  799.0  $  315.0  
Taxes (40%)  319.6  126.0  
Net income  $ 

$ 


Common dividends  $ 

$ 

Powell Panther Corporation: Balance Sheets as of December 31 (Millions of Dollars)
2018  2017  
Assets  
Cash and equivalents  $  38.0  $  30.0  
Accounts receivable  432.0  360.0  
Inventories  819.0  630.0  
Total current assets  $  1,289.0  $  1,020.0  
Net plant and equipment  897.0  690.0  
Total assets  $  2,186.0  $  1,710.0  
Liabilities and Equity  
Accounts payable  $  207.0  $  180.0  
Accruals  173.0  150.0  
Notes payable  78.0  60.0  
Total current liabilities  $  458.0  $  390.0  
Longterm bonds  780.0  600.0  
Total liabilities  $  1,238.0  $  990.0  
Common stock  842.6  663.0  
Retained earnings  105.4  57.0  
Common equity  $  948.0  $  720.0  
Total liabilities and equity  $ 

$ 

Write out your answers completely. For example, 25 million should be entered as 25,000,000. Round your answers to the nearest dollar, if necessary. Negative values, if any, should be indicated by a minus sign.
What was net operating working capital for 2017 and 2018? Assume the firm has no excess cash.
2017: $
2018: $
What was the 2018 free cash flow?
$
1.
Calculate the net operating capital as follows:
2.
Calculate the increase in net working capital as follows:
Calculate the capital expe...
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