Financial statements, Cash Flow, Taxes

Laiho Industries: Balance Sheets as of December 31 (in thousands of dollars) Assets \begin{tabular}{|r|r|} \hline 2021 & 2020 \\ \hline$100,786 & $89,650 \\ \hline 101,442 & 83,586 \\ \hline 37,581 & 33,682 \\ \hline$239,809 & $206,918 \\ \hline 69,037 & 42,639 \\ \hline$308,846 & $249,557 \\ \hline \end{tabular} Liabilies and equity Accounts payable Accruals Notes payable Total current labilities Long-term debt Total liabilies Common stock Retained eamings Total common equity Total liabilies and equity \begin{tabular}{|r|r|} \hline$31,940 & $24,860 \\ \hline 30,164 & 23,025 \\ \hline 14,811 & 12,271 \\ \hline$76,915 & $60,156 \\ \hline 78,354 & 65,654 \\ \hline$155,269 & $125,810 \\ \hline 99,500 & 87,000 \\ \hline 54,077 & 36,747 \\ \hline$153,577 & $123,747 \\ \hline$308,846 & $249,557 \\ \hline \end{tabular} a. Constructing the firm's 2021 income statement Laiho Industrios: financlal infomation for 2021 (in thousands of dollars) Sales $460,650 EBITDA as a percentage of sales Depr. as a \% of fixed assets Tax mate interest expense Dividend payout ratio Sales for 2021 were $460,650,000, and EBITDA was 14% of soles. Furthermore, depreciation and amortization were 18% of net fixed assets, interest was $8,259,000, the corporate tax rate was 25%, and Laiho pays 47.25% of its net income as dividends: Given this information, construct the firm's 2021 income statement. Laiho Industries: Income statement for Year Ending December 31, 2021 (thousands of dollars) b. Construct the statement of stockholders' equity for the year ending December 31, 2021, and the 2021 statement of cawh flows. Hint: The difference in accumulated depreciation ffom one year to the next is the annual depreciation expense for the year. Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars) c. Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash. NOWC 2020:$ 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? If Laiho increased its dividend payout ratio, the firm would pay corporate taxes and the company's shareholders would pay taxes on the dividends they would receive. e. Assume that the firm's after-tax cost of capital is 9.5\%. What is the firm's 2021 EVA? 5 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