Increase in long$-$term debtExcel Activity: Financial Statements, Cash Flow, and Taxes

Laiho Industries's $2020$ and $2021$ balance sheets $($in thousands of dollars$)$ are shown.

Laiho Industries: Balance Sheets as of December $31($thousands of dollars$)$

The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis to answer the questions below.

Do not round intermediate calculations. Enter your answers in thousands. For example, an answer of $$1$ thousand should be entered as $1,$ not $1,000.$

Round your answers to the nearest whole number. Use a minus sign to enter negative values, if any.

Increase in common stock

Payment of common dividends

Net cash provided by financing activities

Summary

Net increase$/$decrease in cash

Cash at the beginning of the year

Cash at the end of the year

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

NOWC ${?}_{2021}$:$

thousand

$FC{F}_{2021}$:$

thousand

If Laiho increased its dividend payout ratio, the firm would pay the same amount of $$ corporate taxes and the company's shareholders would pay $n$

taxes on the dividends they would receive.

e$.$ Assume that the firm's after$-$tax cost of capital is $9\mathrm{.}5\%.$ What is the firm's $2021$ EVA?

$

thousand