Excel Activity: Financial Statements, Cash Flow, and Taxes

Laiho Industries's 2020 and 2021 balance sheets (in thousands of dollars) are shown. minus sign to enter negative values, if any. a. Sales for 2021 were $464,150,000, and EBITDA was 15% of sales. Furthermore, depreciation and amortization were 19% of net fixed assets, interest was $9,503,000, the corporate tax rate was 25%, and Laiho pays 48.25% of its net income as dividends. Given this information, construct the firm's 2021 income statement. Laiho Industries: Income Statement for Year Ending December 31, 2021 Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars) c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash. NOWC 2020:$ thousand NOWC 2021:$ 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? receive. e. Assume that the firm's after-tax cost of capital is 11.5%. What is the firm's 2021 EVA? $ thousand f. 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 at year-end 2021 ? $ thousand