Financial Statements, Cash Flow, and Taxes \begin{tabular}{|lrr} \hline Laiho Industries: Balance Sheets as of December 31 & \\ (in thousands of dollars) & 2021 & 2020 \\ \cline { 2 - 3 } & & \\ Assets & & \\ Cash & $107,416 & $87,950 \\ Accounts receivable & 104,658 & 86,032 \\ Inventories & 37,741 & 33,816 \\ \hline Total current assets & $249,815 & $207,798 \\ Net fixed assets & 64,864 & 42,126 \\ \hline Total assets & $314,679 & $249,924 \\ \hline & & \\ Liabilities and equity & & \\ Accounts payable & $30,964 & $22,370 \\ \hline Accruals & 30,949 & 23,518 \\ \hline Notes payable & 18,730 & 16,030 \\ \hline Total current liabilities & $80,643 & $61,918 \\ Long-term debt & 76,205 & 62,755 \\ \hline Total liabilities & $156,848 & $124,673 \\ Common stock & 99,500 & 87,000 \\ \hline Retained earnings & 58,331 & 38,251 \\ \hline Total common equity & $157,831 & $125,251 \\ \hline Total liabilities and equity & $314,679 & $249,924 \\ \hline \end{tabular} a. Constructing the firm's 2021 income statement Laiho Industries: financial information for 2021 (in thousands of dollars) \begin{tabular}{|lr|} \hline Sales & $438,650 \\ \hline EBITDA as a percentage of sales & 16% \\ Depr. as a % of fixed assets & 17% \\ \hline ax rate & 25% \\ Interest expense & $8,402 \\ \hline Dividend payout ratio & 47.25% \end{tabular} b. Constructing 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 (in thousands of dollars) Balances, December 31, 2020 Common stock issue 2021 Net income Cash dividends Addition to retained earnings Balances, December 31, 2021 Common Retained Earnings Total Stock Stockholders' Equity \begin{tabular}{llll} \hline & \#N/A & \#N/A & \#N/A \\ & \#N/A & & \\ & & \#N/A & \\ & & & \#N/A \\ \hline \end{tabular} Laiho Industries: Statement of Cash Flows for 2021 (in 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 \begin{tabular}{cc} 2021 & Formulas \\ \hline & \#N/A \\ & \#N/A \\ & \#N/A \\ & \#N/A \\ & \#N/A \\ & \#N/A \\ & \#N/A \\ \hline \end{tabular} 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 \begin{tabular}{r} \#N/A \\ \hline \#N/A \\ \hline \hline \end{tabular} Summary Net increase/decrease in cash Cash at the beginning of the year Cash at the end of the year \begin{tabular}{r} \#N/A \\ #N/A \\ #N/A \\ #N/A \\ \hline \#N/A \\ \hline \hline \\ \\ #N/A \\ #N/A \\ \hlineN/A \\ \hline \hline \end{tabular} \begin{tabular}{l} Summary \\ Net increase/decrease in cash \\ Cash at the beginning of the year \\ Cash at the end of the year \\ \hline \end{tabular} c. Calculating 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF) Excesss cash NOWC 2020 (in thousands of dollars) NOWC2021 (in thousands of dollars) FCF2021 (in thousands of dollars) $0 e. Calculating the firm's 2021 EVA After-tax cost of capital EVA2021 (in thousands of dollars) 9.5% f. Calculating the firm's MVA at year-end 2021 \begin{tabular}{l|r|} \hline Stock price & $22 \\ \hline Shares outstanding & 10,000 \end{tabular} \#N/A MVA2021 (in thousands of dollars) # \#/A