FINANCIAL STATEMENTS, CASH FLOW, AND TAXES Laiho Industries 2013 and 2014 balance sheets (in thousands of dollars) are shown.

1) Sales for 2014 were $455,150,000, and EBITDA was 15% of sales. Furthermore, depreciation and amortization were 11% of net fixed assets, interest was $8,575,000, the corporate tax rate was 40%, and Laiho pays 40% of its net income as dividends. Given this information, construct the firms 2014 income statement.

2) Construct the statement of stockholders equity for the year ending December 31, 2014, and the 2014 statement of cash flows.

3) Calculate 2013 and 2014 net operating working capital (NOWC) and 2014 free cash flow (FCF).

Accounts receivable Total current assets assets Total assets Notes payable Total current liabilities debt Total liabilities $123,896 Common stock Retained earnings 4 Total common equity Total liabilities and equity $157,605