E Activity: Financial Statements, Cash Flow and the Laiha Industries's 2020 and 2021 balance sheets in thousands) are shown Laihe Industries Balance Sheets as of December 31 (thousands of dollars) 2021 2070 Can 3101.927 $ 39,90 Accounts receive 104.078 87,503 Inventaries 37,102 34,141 Total current assets 5243.00 5211,034 Net find assets 44,133 Total assets $312.999 $255,157 Accounts payable + 12,104 $ 24,240 Accruals 32.669 23,912 Notes payable 16,764 14,24 Total current wat $ 81,837 $ 62.356 Long-term debt 75,547 62.547 Totalanes $157,064 $124.900 Common stock 93,500 1.000 Retained earnings 62.415 44,254 Total com equity S155,015 $130.254 Total abilities and equity $312.999 1255.157 The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required and tower the questions below. Do not roundedate cation. Internet For example, an answer of $1 thousand should be entered as 1, not 1,000. Round your answers to the nearest whole counter to enter eative Download Face Statements. Gashed Taxen- od Sales for 2021 were $444,150.000, and EBITDA was 15 of sales. Furthermore, depreciation and men were 1 of met feed assets, terest was 0.208.000, the corporated 46.25 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 for 2021 were 5444,150,000, and EBITDA was 15% of sales. Furthermore, deprecation and mortization were 19% of net fed assets, interest was 18,288,000, the corporate tax rate was 2. and Laiho pays 46.25% of its net income as dividends. Given this information, construct the firm's 2021 income statement Laiha Industries: Income Statement for Year Ending December 31, 2021 (thousands of dollars) 2021 Sales 4441 50000 Operating costs excluding depreciation and amortization 377527500 EBITDA 66622500 Depreciation and amortation 1276133 LALT 5 66609738.65 Interest 8288000 EBT $ 58321730.65 Taxes (25) 23520695.46 34991043.10 Net income Common dividends Addition to retained earnings 161602824 1070071 Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 (thousands of dollars) Total Stockholders' Common Stock Retained Earnings Equity Balances, December 31, 2020 $ 86000 $ Common stock issue 2021 Net income Cash dividends Addition to retained earnings Balances, December 31, 2021 $ 1 Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars) 2021 Operating Activities Net income Depreciation and amortization Increase in accounts payable Increase in accruals Increase in accounts receivable Increase in inventories Net cash provided by operating activities $ Investing Activities Additions to property, plant, and equipment $ Net cash used in investing activities Financing Activities Increase in notes payable Increase in long-term debt Increase in common stock Payment of common dividends Net cash provided by financing activities Summary 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 NOWC202115 thousand FCF 2021 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? Ir Lalho increased its dividend payout ratio, the firm would pay corporate taxes and the company's shareholders would pay taxes on the dividends they would receive. Assume that the firm's after-tax cost of capital is 10.5%. What is the firm's 2021 EVA? $ thousand 1. Assume that the firm's stock price is $22 per share and that at year-end 2021 the firm has 10 million shares outstanding. What is the firm's MVA a year-end 20217 $ thousand E Activity: Financial Statements, Cash Flow and the Laiha Industries's 2020 and 2021 balance sheets in thousands) are shown Laihe Industries Balance Sheets as of December 31 (thousands of dollars) 2021 2070 Can 3101.927 $ 39,90 Accounts receive 104.078 87,503 Inventaries 37,102 34,141 Total current assets 5243.00 5211,034 Net find assets 44,133 Total assets $312.999 $255,157 Accounts payable + 12,104 $ 24,240 Accruals 32.669 23,912 Notes payable 16,764 14,24 Total current wat $ 81,837 $ 62.356 Long-term debt 75,547 62.547 Totalanes $157,064 $124.900 Common stock 93,500 1.000 Retained earnings 62.415 44,254 Total com equity S155,015 $130.254 Total abilities and equity $312.999 1255.157 The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required and tower the questions below. Do not roundedate cation. Internet For example, an answer of $1 thousand should be entered as 1, not 1,000. Round your answers to the nearest whole counter to enter eative Download Face Statements. Gashed Taxen- od Sales for 2021 were $444,150.000, and EBITDA was 15 of sales. Furthermore, depreciation and men were 1 of met feed assets, terest was 0.208.000, the corporated 46.25 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 for 2021 were 5444,150,000, and EBITDA was 15% of sales. Furthermore, deprecation and mortization were 19% of net fed assets, interest was 18,288,000, the corporate tax rate was 2. and Laiho pays 46.25% of its net income as dividends. Given this information, construct the firm's 2021 income statement Laiha Industries: Income Statement for Year Ending December 31, 2021 (thousands of dollars) 2021 Sales 4441 50000 Operating costs excluding depreciation and amortization 377527500 EBITDA 66622500 Depreciation and amortation 1276133 LALT 5 66609738.65 Interest 8288000 EBT $ 58321730.65 Taxes (25) 23520695.46 34991043.10 Net income Common dividends Addition to retained earnings 161602824 1070071 Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 (thousands of dollars) Total Stockholders' Common Stock Retained Earnings Equity Balances, December 31, 2020 $ 86000 $ Common stock issue 2021 Net income Cash dividends Addition to retained earnings Balances, December 31, 2021 $ 1 Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars) 2021 Operating Activities Net income Depreciation and amortization Increase in accounts payable Increase in accruals Increase in accounts receivable Increase in inventories Net cash provided by operating activities $ Investing Activities Additions to property, plant, and equipment $ Net cash used in investing activities Financing Activities Increase in notes payable Increase in long-term debt Increase in common stock Payment of common dividends Net cash provided by financing activities Summary 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 NOWC202115 thousand FCF 2021 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? Ir Lalho increased its dividend payout ratio, the firm would pay corporate taxes and the company's shareholders would pay taxes on the dividends they would receive. Assume that the firm's after-tax cost of capital is 10.5%. What is the firm's 2021 EVA? $ thousand 1. Assume that the firm's stock price is $22 per share and that at year-end 2021 the firm has 10 million shares outstanding. What is the firm's MVA a year-end 20217 $ thousand