- Financial Statements, Cash Flow, and Taxes 0 X Laiho Industries's 2020 and 2021 balance sheets (in thousands of dollars) are shown. A-Z Laiho Industries: Balance Sheets as of December 31 (thousands of dollars) 2021 2020 Cash $101,032 $ 91,610 Accounts receivable 103,127 84,214 Inventories 38,399 34,487 Total current assets $242,558 $210,311 Net fixed assets 66,554 40,677 Total assets $309,112 $250,988 N Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity $ 30,032 30,978 16,955 $ 77,965 74,512 $152,477 95,000 61,635 $156,635 $309,112 $ 21,670 22,936 14,285 $ 58,891 63,312 $122,203 85,000 43,785 $128,785 $250,988 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. AP 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. NOWC2020: $ thousand NOWC2021: $ thousand FCF2021: $ 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? corporate taxes and the company's shareholders would pay If Laiho increased its dividend payout ratio, the firm would pay taxes on the dividends they would receive. e. Assume that the firm's after-tax cost of capital is 11.5%. What is the firm's 2021 EVA? $ thousand f. 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 2021? $ thousand