Financial Statements, Cash Flow, and Taxes Laiho Industries: Balance Sheets as of December 31 (in thousands of dollars) 2021 2020 Assets Cash $106,075 $90,065 Accounts receivable 104,785 86,639 Inventories 38,047 35,048 Total current assets $248,907 $211,752 Net fixed assets 66,742 43,820 Total assets $315,649 $255,572 Liabilities and equity Accounts payable $30,730 $23,640 Accruals 32,612 24,347 Notes payable 17,777 15,647 Total current liabilities $81,119 $63,634 Long-term debt 73,859 62,409 Total liabilities $154,978 $126,043 Common stock 100,500 88,000 Retained earnings 60,171 41,529 Total common equity $160,671 $129,529 Total liabilities and equity $315,649 $255,572 a. Constructing the firm's 2021 income statement Laiho Industries: financial information for 2021 (in thousands of dollars) Sales $435,150 EBITDA as a percentage of sales 16% Depr. as a % of fixed assets 18% Tax rate 25% Interest expense $9,579 Dividend payout ratio 48.25% Laiho Industries: Income Statement for Year Ending December 31, 2021 (in thousands of dollars) 2021 Formulas Sales #N/A Operating costs excluding depreciation and amortization #N/A EBITDA #N/A Depreciation and amortization #N/A EBIT #N/A Interest #N/A EBT #N/A Taxes (25%) #N/A Net Income #N/A Common dividends #N/A Addition to retained earnings #N/A 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) "Common Stock" Retained Earnings Total Stockholders' Equity Balances, December 31, 2020 #N/A #N/A Common stock issue #N/A 2021 Net income #N/A Cash dividends #N/A Addition to retained earnings Balances, December 31, 2021 #N/A #N/A " Laiho Industries: Statement of Cash Flows for 2021" (in thousands of dollars) Operating Activities 2021 Formulas Net income #N/A Depreciation and amortization #N/A Increase in accounts payable #N/A Increase in accruals #N/A Increase in accounts receivable #N/A Increase in inventories #N/A Net cash provided by operating activities #N/A Investing Activities Additions to property, plant, and equipment #N/A Net cash used in investing activities #N/A Financing Activities Increase in notes payable #N/A Increase in long-term debt #N/A Increase in common stock #N/A Payment of common dividends #N/A Net cash provided by financing activities #N/A Summary Net increase/decrease in cash #N/A Cash at the beginning of the year #N/A Cash at the end of the year #N/A c. Calculating 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF) Excesss cash $0 NOWC2020 (in thousands of dollars) #N/A NOWC2021 (in thousands of dollars) #N/A FCF2021 (in thousands of dollars) #N/A e. Calculating the firm's 2021 EVA After-tax cost of capital 10.5% EVA2021 (in thousands of dollars) #N/A f. Calculating the firm's MVA at year-end 2021 Stock price $24 Shares outstanding 10,000 MVA2021 (in thousands of dollars) #N/A