Financial Statements, Cash Flow, and Taxes Laiho Industries: Balance Sheets as of December 31 (in thousands of dollars) Assets Cash 2021 2020 $102,768 $89,135 Accounts receivable Inventories Total current assets 103,628 38,776 $245,172 84,876 35,640 $209,651 Net fixed assets 66,000 41,893 Total assets $311,172 $251,544 Liabilities and equity Accounts payable $29,379 $21,120 Accruals 29,549 22,515 Notes payable 17,253 15,033 Total current liabilities Long-term debt Total liabilities $76,181 $58,668 76,129 62,529 $152,310 $121,197 Common stock 106,500 94,000 Retained earnings 52,362 36,347 Total common equity $158,862 $130,347 Total liabilities and equity $311,172 $251,544 a. Constructing the firm's 2021 income statement Laiho Industries: financial information for 2021 (in thousands of dollars) Sales EBITDA as a percentage of sales Depr. as a % of fixed assets Tax rate Interest expense Dividend payout ratio $442,150 14% 19% 25% $8,881 47.25% Laiho Industries: Income Statement for Year Ending December 31, 2021 (in thousands of dollars) Sales Operating costs excluding depreciation and amortization EBITDA Depreciation and amortization EBIT Interest EBT Taxes (25%) Net Income Common dividends Addition to retained earnings 2021 Formulas #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A b. Constructing the statement of stockholders' equity for the year ending December 31, 2021, and the 2021 statement of cash flows