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 $ 111,448 $ 90,655 Accounts receivable 104,500 86,855 Inventories 39,154 35,299 Total current assets $ 255,102 $ 212,809 Net fixed assets 67,288 43,113 Total assets $ 322,390 $ 255,922 Accounts payable $ 33,000 $ 24,740 Accruals 29,218 21,194 Notes payable 17,056 14,236 Total current liabilities $ 79,274 $ 60,170 Long-term debt 78,133 64,433 Total liabilities $ 157,407 $ 124,603 Common stock 97,500 85,000 Retained earnings 67,483 46,319 Total common equity $ 164,983 $ 131,319 Total liabilities and equity $ 322,390 $ 255,922 The data has been collected in the Microsoft Excel file below. Open 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. Sales for 2021 were $461,650,000, and EBITDA was 16% of sales. Furthermore, depreciation and amortization were 17% of net fixed assets, interest was $8,930,000, the corporate tax rate was 25%, and Laiho pays 47.25% 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 $ fill in the blank 2 Operating costs excluding depreciation and amortization fill in the blank 3 EBITDA $ fill in the blank 4 Depreciation and amortization fill in the blank 5 EBIT $ fill in the blank 6 Interest fill in the blank 7 EBT $ fill in the blank 8 Taxes (25%) fill in the blank 9 Net income $ fill in the blank 10 Common dividends $ fill in the blank 11 Addition to retained earnings $ fill in the blank 12 Construct the statement of stockholders' equity for the year ending December 31, 2021, and the 2021 statement of cash flows. Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 (thousands of dollars) Common Stock Retained Earnings Total Stockholders' Equity Balances, December 31, 2020 $ fill in the blank 13 $ fill in the blank 14 $ fill in the blank 15 Common stock issue fill in the blank 16 fill in the blank 17 2021 Net income fill in the blank 18 Cash dividends fill in the blank 19 Addition to retained earnings fill in the blank 20 Balances, December 31, 2021 $ fill in the blank 21 $ fill in the blank 22 $ fill in the blank 23 Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars) 2021 Operating Activities Net income $ fill in the blank 24 Depreciation and amortization fill in the blank 25 Increase in accounts payable fill in the blank 26 Increase in accruals fill in the blank 27 Increase in accounts receivable fill in the blank 28 Increase in inventories fill in the blank 29 Net cash provided by operating activities $ fill in the blank 30 Investing Activities Additions to property, plant, and equipment $ fill in the blank 31 Net cash used in investing activities $ fill in the blank 32 Financing Activities Increase in notes payable $ fill in the blank 33 Increase in long-term debt fill in the blank 34 Increase in common stock fill in the blank 35 Payment of common dividends fill in the blank 36 Net cash provided by financing activities $ fill in the blank 37 Summary Net increase/decrease in cash $ fill in the blank 38 Cash at the beginning of the year fill in the blank 39 Cash at the end of the year $ fill in the blank 40 Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash. NOWC2020: $ fill in the blank 41 thousand NOWC2021: $ fill in the blank 42 thousand FCF2021: $ fill in the blank 43 thousand 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. Assume that the firm's after-tax cost of capital is 10.5%. What is the firm's 2021 EVA? $ fill in the blank 46 thousand Assume that the firm's stock price is $20 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? $ fill in the blank 47 thousand.

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