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Excel Activity: Financial Statements, Cash Flow, and Taxes Laiho Industries's 2020 and 2021 balance sheets (in thousands of dollars) are shown. Laiho Industries: Balance Sheets

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Excel Activity: Financial Statements, Cash Flow, and Taxes Laiho Industries's 2020 and 2021 balance sheets (in thousands of dollars) are shown. Laiho Industries: Balance Sheets as of December 31 (thousands of dollars) 2021 2020 Cash $101,387 $ 87,935 Accounts receivable 104,765 85,261 Inventories 37,113 33,188 Total current assets $243,265 $206,384 Net fixed assets 67,265 43,240 Total assets $310,530 $249,624 Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity $ 33,597 32,737 15,701 $ 82,035 79,013 $161,048 95,500 53,982 $149,482 $310,530 $ 25,110 24,647 13,431 $ 63,188 64,713 $ 127,901 88,000 33,723 $121,723 $249,624 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 X Download ascendsheet.binancial Statements.Cash blow, and Tunes: de dexlek 2. Sales for 2021 were $441,650,000, and EBITDA was 16% of sales. Furthermore, depreciation and amortization were 18% of net fixed assets, interest was $8,308,000, the corporate tax rate was 254, and tho pays 46.256 of its net income as dividends. Given this information, comutruct the Sum's 2025 income statement Laiho Industries Income Statement for Year Ending December 31, 2021 (thousands of dollars) 2021 5 5 Sale Operating costs excluding depreciation and motivation Deprecabon and amortization COM Interest EBT 5 $ Net income $ $ Common dividends Addition to retained camings $ 6. 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 Balances, December 31, 2020 $ Common stock issue 2021 Net income Cash dividends Addition to retained earnings Balances, December 31, 2021 $ 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 inventones 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 (CF). Assume the firm has no excess cash NOWC20205 thousand NOWC20215 thousand FCF 2001:5 thousand d. If the 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 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 (CF). Assume the firm has no excess cash. NOWC2020 $ thousand NOWC70215 thousand FCF 2001$ 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? If Laiho 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 e. Assume that the hem's after-tax cost of capitalis 11.5%. What is the firm's 2021 EVA? $ thousand 1. 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 20212 thousand

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