a. Sales for 2021 were $479,650,000, and EBITDA was 16% of sales. Furthermore, depreciation and amortization were 19% of net fixed assets, interest was $7,591,000, the corporate tax rate was 25%, and Laiho pays 48.25% of its net income as dividends. Given this information, construct the firm's 2021 income statement. Laiho Industries: Income Statement for Year Ending December 31, 2021 (thousands of dollars) 2021 Sales $ Operating costs excluding depreciation and amortization EBITDA $ Depreciation and amortization EBIT $ Interest EBT $ Taxes (25%) Net income $ Common dividends $ $ Addition to retained earnings b. Construct the statement of stockholders' equity for the year ending December 31, 2021, and the 2021 statement of cash flows. Hint: The difference in accumulated depreciation from one year to the next is the annual depreciation expense for the year. Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 (thousands of dollars) Total Stockholders' Common Stock Retained Earnings Equity Excel Activity: Financial Statements, Cash Flow, and Taxes Laiho Industries's 2020 and 2021 balance sheets (in thousands of dollars) are shown. Cash Laiho Industries: Balance Sheets as of December 31 (thousands of dollars) 2021 2020 $109,727 $ 88,820 Accounts receivable 103,454 86,372 Inventories 39,832 36,452 Total current assets $253,013 $211,644 Net fixed assets 64,801 41,251 Total assets $317,814 $252,895 Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity $ 28,709 30,706 18,854 $ 78,269 74,432 $152,701 97,500 67,613 $165,113 $317,814 $ 21,900 21,987 16,024 $ 59,911 62,432 $122,343 85,000 45,552 $130,552 $252,895 The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis to answer the questions below. Do not round intermediate calculations. Enter your answers in thousands. For example, an answer of $1 thousand should be entered as 1, not 1,000. Round your answers to the nearest whole number. Use a minus sign to enter negative values, if any. Net increase/ decrease in cash $ Cash at the beginning of the year Cash at the end of the year $ c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash. NOWC2020: $ thousand NOWC2021: $ thousand FCF2021: $ thousand d. If Laiho increased its dividend payout ratio, what effect would this have on corporate taxes paid? What effect would this have on taxes paid by the company's shareholders? v corporate taxes and the company's shareholders would pay If Laiho increased its dividend payout ratio, the firm would pay v taxes on the dividends they would receive. e. Assume that the firm's after-tax cost of capital is 9.5%. What is the firm's 2021 EVA? $ thousand f. Assume that the firm's stock price is $24 per share and that at year-end 2021 the firm has 10 million shares outstanding. What is the firm's MVA at year-end 2021? $ thousand a. Sales for 2021 were $479,650,000, and EBITDA was 16% of sales. Furthermore, depreciation and amortization were 19% of net fixed assets, interest was $7,591,000, the corporate tax rate was 25%, and Laiho pays 48.25% of its net income as dividends. Given this information, construct the firm's 2021 income statement. Laiho Industries: Income Statement for Year Ending December 31, 2021 (thousands of dollars) 2021 Sales $ Operating costs excluding depreciation and amortization EBITDA $ Depreciation and amortization EBIT $ Interest EBT $ Taxes (25%) Net income $ Common dividends $ $ Addition to retained earnings b. Construct the statement of stockholders' equity for the year ending December 31, 2021, and the 2021 statement of cash flows. Hint: The difference in accumulated depreciation from one year to the next is the annual depreciation expense for the year. Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 (thousands of dollars) Total Stockholders' Common Stock Retained Earnings Equity Excel Activity: Financial Statements, Cash Flow, and Taxes Laiho Industries's 2020 and 2021 balance sheets (in thousands of dollars) are shown. Cash Laiho Industries: Balance Sheets as of December 31 (thousands of dollars) 2021 2020 $109,727 $ 88,820 Accounts receivable 103,454 86,372 Inventories 39,832 36,452 Total current assets $253,013 $211,644 Net fixed assets 64,801 41,251 Total assets $317,814 $252,895 Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity $ 28,709 30,706 18,854 $ 78,269 74,432 $152,701 97,500 67,613 $165,113 $317,814 $ 21,900 21,987 16,024 $ 59,911 62,432 $122,343 85,000 45,552 $130,552 $252,895 The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis to answer the questions below. Do not round intermediate calculations. Enter your answers in thousands. For example, an answer of $1 thousand should be entered as 1, not 1,000. Round your answers to the nearest whole number. Use a minus sign to enter negative values, if any. Net increase/ decrease in cash $ Cash at the beginning of the year Cash at the end of the year $ c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash. NOWC2020: $ thousand NOWC2021: $ thousand FCF2021: $ thousand d. If Laiho increased its dividend payout ratio, what effect would this have on corporate taxes paid? What effect would this have on taxes paid by the company's shareholders? v corporate taxes and the company's shareholders would pay If Laiho increased its dividend payout ratio, the firm would pay v taxes on the dividends they would receive. e. Assume that the firm's after-tax cost of capital is 9.5%. What is the firm's 2021 EVA? $ thousand f. Assume that the firm's stock price is $24 per share and that at year-end 2021 the firm has 10 million shares outstanding. What is the firm's MVA at year-end 2021? $ thousand