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 $107,028 $91,110 Accounts receivable 101,084 83,669 Inventories 37,231 33,831 Total current assets $245,343 $208,610 Net fixed assets Total assets 65,552 $310,895 41,519 $250,129 Accounts payable Accruals $ 32,114 30,247 18,909 78,213 $159,483 $ 24,620 22,740 16,189 $ 63,549 64,013 $127,562 90,000 Notes payable Total current liabilities $ 81,270 Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity 102,500 48,912 $151,412 $310,895 32,567 $122,567 $250,129 The data has been collected in the Microsoft Excel file below. Download the spreadsheet and p example, an answer of $1 thousand should be entered as 1, not 1,000. Round your answers t X Download spreadsheet Financial Statements, Cash Flow, and Taxes-a4f165.xlsx a. Sales for 2021 were $444,650,000, and EBITDA was 14% of sales. Furthermore, depre income as dividends. Given this information, construct the firm's 2021 income statemer Laiho Industries: Income Statement for Year Ending December 31, 2021 (thousands of dollars) 2021 Sales $ Operating costs excluding depreciation and amortization EBITDA $ tements, Cash Flow, and Taxes Q Search this coun x Sales for 2021 were $444,650,000, and EBITDA was 14% of sales. Furthermore, depreciation and amortization were 17% of net fixed assets, interest was $8,995,000, the corporate tax rate was 25%, and Lahozan 48.23% of sn Income as dividends. Given this information, construct the fem's 2021 income statement Laiho Industries: Income Statement for Year Ending December 31, 2021 (thousands of dollars) Sales 2021 $ 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 deprecation from one year to the next is the a expense for the year. Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 (thousands of dollars) Balances, December 31, 2020 1 Common stock issue 2021 Net income Cash dividends Addition to retained eamings Balances, December 31, 20211 Common Stock Retained Earnings Total Stockholders Equity A non 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 expense for the year. Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 (thousands of dollars) Balances, December 31, 2020 Common stock issue Common Stock Retained Earnings Total Stockholders Equity 2021 Net income Cash dividends Addition to retained earnings Balances, December 31, 20211 Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars) 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 sammen ock 2021 C 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 NOWC NOW FCF thousand thousand thousand 4. If Laino increased its dividend payout ratio, what effect would this have on corporate taxes paid? What effect would thus have on taxes paid by the company's shareholders If Lao increased its dividend payout ratio, the firm would pay corporate taxes and the company's shareholders would pay Assume that the firm's after-tax cost of capital is 9.5%. What is the firm's 2021 EVA thousand 1 Assume that the firm's stock price is $20 per share and that at year-end 2021 the firm has 10 miton shares outstanding. What is the few's fat year-end 20217 thousand taxes on the dividends they would receive