b. Construct the statement of stockholders' equity for the year ending December 31, 2021, and the 202i statement of cash flows. Hint: The difference in accumulated deareolation from one year to the next is the amnual depredatian expense for the year: Laiho Industries: 5tatement of Stockholders' Equity, December 31, 2021 (thousands of dollars) Laiho Industries! statement of Cash Flows for 2021 (thousands of dollars) c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash. NowC202: 5 thousand NowC-202it: FCF,202t: thousand d. If Laino increased its dividend payout ratio, what effect would this have on corporate taves paid? What effect would this have on taxes pold by the company's shareholders? tf Laiba increased its olvidend payout rabo, the firm would pay corporate taves and the company's shareholders would pay the dividends they would receive. 6. Assume that the firm's affer-ax cost of capital is 11.5%. What is the firm's 2021 EVA? theusand f. Assume that the firm's stock price is 522 per share and that at year-end 2021 the firm has 10 millon shares outstanding. What is the firm's MVA at year-end 20217 3 thousand Lalho industries's 2020 and 2021 balance sheets (in thousands of dollars) are shown. a. Sales for 2021 were $455,150,000, and EaItoA was 15% of sales. Furthermore, depreciabion and amortization were 17% of net fixed assets, interest was $7, 605,000 , the corporate tax rate was 25%, and Laiho pays 46.25% of its net income as dividends. Given this information, construct the firm's. 2021 income statement. Laiho Industriest Income Statement for Year Ending December 31, 2021 (thousands of dollan) b. Conttruct the statemeet of stockholders' equity for the year ending December 31,2021 , and the 2021 statement of cash flows. Hint: The dinference in accumulated degreciation from one year to the next is the annual depreciation expense for the year. Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars) C. Cakulste 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the fiem kas no excess cash NowCyozois NowCagzis fCFzozils a. If Laihe increated is d vidend parout ratio, what effect weuld thit have on corporate taves pald What effect weuld this have on taves paid by the company's marehoiders? If Laho increased as dividend poyout rato, the firm would pay corporate taves and the company's sharehoiders would pay the dividends they would receive. e. Assume that the firm's atertax cost of capitat is-11.5\%. What is the firms 2021 fVA? 5 thouland f. Aspume that the firmis stock price is 522 per share and that ot yeacend 2021 the fim has 10 mation stares cutstanding. What is the firms 8.4 at year-end 20217 . s thousand b. Construct the statement of stockholders' equity for the year ending December 31, 2021, and the 202i statement of cash flows. Hint: The difference in accumulated deareolation from one year to the next is the amnual depredatian expense for the year: Laiho Industries: 5tatement of Stockholders' Equity, December 31, 2021 (thousands of dollars) Laiho Industries! statement of Cash Flows for 2021 (thousands of dollars) c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash. NowC202: 5 thousand NowC-202it: FCF,202t: thousand d. If Laino increased its dividend payout ratio, what effect would this have on corporate taves paid? What effect would this have on taxes pold by the company's shareholders? tf Laiba increased its olvidend payout rabo, the firm would pay corporate taves and the company's shareholders would pay the dividends they would receive. 6. Assume that the firm's affer-ax cost of capital is 11.5%. What is the firm's 2021 EVA? theusand f. Assume that the firm's stock price is 522 per share and that at year-end 2021 the firm has 10 millon shares outstanding. What is the firm's MVA at year-end 20217 3 thousand Lalho industries's 2020 and 2021 balance sheets (in thousands of dollars) are shown. a. Sales for 2021 were $455,150,000, and EaItoA was 15% of sales. Furthermore, depreciabion and amortization were 17% of net fixed assets, interest was $7, 605,000 , the corporate tax rate was 25%, and Laiho pays 46.25% of its net income as dividends. Given this information, construct the firm's. 2021 income statement. Laiho Industriest Income Statement for Year Ending December 31, 2021 (thousands of dollan) b. Conttruct the statemeet of stockholders' equity for the year ending December 31,2021 , and the 2021 statement of cash flows. Hint: The dinference in accumulated degreciation from one year to the next is the annual depreciation expense for the year. Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars) C. Cakulste 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the fiem kas no excess cash NowCyozois NowCagzis fCFzozils a. If Laihe increated is d vidend parout ratio, what effect weuld thit have on corporate taves pald What effect weuld this have on taves paid by the company's marehoiders? If Laho increased as dividend poyout rato, the firm would pay corporate taves and the company's sharehoiders would pay the dividends they would receive. e. Assume that the firm's atertax cost of capitat is-11.5\%. What is the firms 2021 fVA? 5 thouland f. Aspume that the firmis stock price is 522 per share and that ot yeacend 2021 the fim has 10 mation stares cutstanding. What is the firms 8.4 at year-end 20217 . s thousand
