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	$	104,463		$	90,645
Accounts receivable		102,050			84,369
Inventories		39,900			36,128
Total current assets	$	246,413		$	211,142
Net fixed assets		67,839			43,889
Total assets	$	314,252		$	255,031
Accounts payable	$	28,992		$	22,060
Accruals		30,246			22,368
Notes payable		18,812			15,932
Total current liabilities	$	78,050		$	60,360
Long-term debt		74,818			62,818
Total liabilities	$	152,868		$	123,178
Common stock		104,000			94,000
Retained earnings		57,384			37,853
Total common equity	$	161,384		$	131,853
Total liabilities and equity	$	314,252		$	255,031

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.

Download spreadsheet Financial Statements, Cash Flow, and Taxes-181b58.xlsx

Sales for 2021 were $472,150,000, and EBITDA was 15% of sales. Furthermore, depreciation and amortization were 19% of net fixed assets, interest was $8,566,000, 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)