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 $ 105,891 $ 88,045 Accounts receivable 103,202 84,891 Inventories 40,155 36,712 Total current assets $ 249,248 $ 209,648 Net fixed assets 64,252 40,598 Total assets $ 313,500 $ 250,246 Accounts payable $ 32,115 $ 24,650 Accruals 28,658 21,141 Notes payable 16,597 14,267 Total current liabilities $ 77,370 $ 60,058 Long-term debt 76,305 63,855 Total liabilities $ 153,675 $ 123,913 Common stock 101,500 89,000 Retained earnings 58,325 37,333 Total common equity $ 159,825 $ 126,333 Total liabilities and equity $ 313,500 $ 250,246

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.

Sales for 2021 were $456,650,000, and EBITDA was 16% of sales. Furthermore, depreciation and amortization were 17% of net fixed assets, interest was $9,081,000, 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. 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) 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 1

7 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 9.5%. What is the firm's 2021 EVA? $ fill in the blank 46 thousand Assume that the firm's stock price is $23 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