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Excel 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) 2021 2020 Cash $102,839 $ 90,255 Accounts receivable 101,167) 84,349 Inventories 37,838 34,294 $241,844 $208,898 66,304 43,343 $308,148 $252,241 $ 28,702 $ 21,910 31,270 15,337 23,554 12,967 $ 75,309 $58,431 73,363 62,413 $148,672 $120,844 105,500 93,000 53,976 38,397 Total common equity $159,476 $131,397 Total liabilities and equity $308,148 $252,241 The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis to answer the Total current assets Net fixed assets Total assets Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings 13 interest was $8,944,000, the corporate tax rate was 25%, and Laiho pays 47.25% of its net income as dividends. Given this information, constructi the firm's 2021 income statement. Laiho Industries: Income Statement for Year Ending December 31, 2021 (thousands of dollars) 2021 Sales Operating costs excluding depreciation and amortization EBITDA Depreciation and amortization EBIT Interest Taxes (25%) Net Income Common dividends Addition to retained earnings EBT $ $ $ $ b. Construct the statement of stockholders' equity for the year ending December 31, 2021, and the 2021 statement of cash flows. Hint: The differenc in accumulated depreciation from one year to the next is the annual depreciation expense for the year. Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 (thousands of dollars) Common Stock Retained Earnings Total Stockholders' Equity Balances, December 31, 2020- $ Common stock issue 2021 Net Income Cash dividends Addition to retained earnings Balances, December 31, 2021 Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars) 2021 Operating Activities Net income Depreciation and amortization Increase in accounts payable Increase in accruals Increase in accounts receivable Increase in inventories Net cash provided by operating activities Investing Activities Additions to property, plant, and equipment Net cash used in investing activities Financing Activities Increase in notes payable $ S $ Increase in long-term debt 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. NOWC2020 $ thousand NOWC2021 $ thousand FCF 2021: $ 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? $ thousand f. Assume that the firm's stock price is $20 per share and that at year-end 2021 the firm has 10 million shares outstanding. What is the firm's MVA ati year-end 20217 1 thousand 1 Financial Statements, Cash Flow, and Taxes 2 3 Laiho Industries: Balance Sheets as of December 31 4 (in thousands of dollars) 5 2021 6 Assets 7 Cash $102,839 8 Accounts receivable 101,167 9 Inventories 37,838 10 Total current assets $241,844 11 Net fixed assets 66,304 12 Total assets $308,148 13 14 Liabilities and equity 15 Accounts payable 16 Accruals $28,702 31,270 17 Notes payable 15,337 18 $75,309 Total current liabilities 19 Long-term debt, Total liabilities 21 Common stock 73,363 20 $148,672 105,500 22 Retained eamings 53,976 23 Total common equity $159,476 24 Total liabilities and equity $308,148 25 26 a. Constructing the firm's 2021 Income statement 27 28 Laiho Industries: financial information for 2021 29 (in thousands of dollars) 30 31 Sales 32 EBITDA as a percentage of sales $435,150 14% 33 Depr. as a % of fixed assets 19% 34 Tax rate 25% 35 Interest expense $8,944 36 Dividend payout ratio 47.25% 37 38 Laiho Industries: Income Statement for Year Ending December 31, 2021 39 (in thousands of dollars), 40 2021 41 Sales Operating costs excluding depreciation and 42 amortization 43 EBITDA 44 Depreciation and amortization IT 46 Interest 47 EBT 48 Taxes (25%) 49 Net Income Eta + 2020 $90,255 84,349 34,294 $208,898 43,343 $252,241 $21,910 23,554 12,967 $58,431 62,413 $120,844 93,000 38,397 $131,397 $252.241 Formulas #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A 51 Common dividends #N/A #N/A 32 Addition to retained eamings 53 54 b. Constructing the statement of stockholders' equity for the year ending December 31, 2021, and the 2021 statement of cash flows 55 56 57 Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 58 In thousands of dollars) Retained Earnings Common Stock Total Stockholders Equity 59 60 Balances, December 31, 2020 61 Common stock issue 62 2021 Net income 63 Cash dividends 64 Addition to retained eamings 65 Balances, December 31, 2021 66 67 Lalho Industries: Statement of Cash Flows for 2021 68 In thousands of dollars) 09 Operating Activities Formulas 70 Net income. #N/A 71 Depreciation and amortization UNA 72 ncrease in accounts payable #N/A 73 ncrease in accruals #N/A 74 ncrease in accounts receivable UN/A 75 ncrease in inventories #N/A 76 Net cash provided by operating activities 77 78 Investing Activities 79 Additions to property, plant, and equipment 80 Net cash used in investing activities 81 82 Financing Activities 83 ncrease in notes payable 84 ncrease in long-term debt 85 ncrease in common stock 86 Payment of common dividends 87 Net cash provided by financing activities 88 89 Summary 90 Net increase/decrease in cash 01 Cash at the beginning of the year 92 Cash at the end of the year 93 2021 NA WNIA #N/A #N/A BNIA UNIA UNIA SNIA #N/A #N/A SNA #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A 94 c. Calculating 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF) 95 Excesss cash $0 #N/A 96 NOWC2020 (in thousands of dollars) 97 NOWC2021 (in thousands of dollars) #N/A #N/A 98 FCF 2021 (in thousands of dollars) 99 100 e. Calculating the firm's 2021 EVA 101 After-tax cost of capital #N/A 102 EVA2021 (in thousands of dollars) 103 104 f. Calculating the firm's MVA at year-end 2021 105 Stock price 100 Shares outstanding 107 MVA2021 (in thousands of dollars) #N/A 108 109 110 9.5% $20 10,000 1 Financial Statements, Clash Flow, and Taxes 2 3 Laiho Industries: Balance Sheets as of December 31 4 (in thousands of dollars) 5 2021 6 Assets 7 Cash $102,839 8 Accounts receivable 101,167 9 Inventories 37,838 10 Total current assets 50 11 Net fixed assets 66,304 12 Total assets $0 13 14 Liabilities and equity 15 Accounts payable $28,702 16 Accruals 31,270 17 Notes payable 15,337 18 Total current liabilities 50 19 Long-term debt 73,363 20 Total liabilities $0 21 Common stock 105,500 22 Retained earnings 53,976 23 Total common equity $0 24 Total liabilities and equity $0 25 26 a. Constructing the firm's 2021 income statement 27 28 Laiho Industries: financial information for 2021 29 (in thousands of dollars) 30 31 Sales $435,150 32 EBITDA as a percentage of sales 14% 33 Depr, as a % of fixed assets 19% 34 Tax rate 25% 35 Interest expense $8,944 36 Dividend payout ratio 47.25% 37 38 Laiho Industries: Income Statement for Year Ending December 31, 2021 39 (in thousands of dollars) 40 2021 Formulas 41 Sales #N/A Operating costs excluding depreciation #NA 42 and amortization 43 EBITDA INA #N/A 44 Depreciation and amortization 45 EBIT #N/A 46 Interest #NA 47 EBT #NA 48 Taxes (25%) NIA Sheet1 THER 2020 $90,255 84,349 34,294 $0 43,343 $0 $21,910 23,554 12,967 $0 62,413 50 93,000 38,397 50 50 D E 49 Net Income INIA 50 51 Common dividends #N/A 52 Addition to retained earnings. #N/A 53 54 b. Constructing the statement of stockholders' equity for the year ending December 31, 2021, 55 and the 2021 statement of cash flows 56 57 Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 58 (in thousands of dollars) Retained Common Stock Total Stockholders' Equity 59 Earnings 60 Balances, December 31, 2020 61 Common stock issue 62 2021 Net income 63 Cash dividends 64 Addition to retained earnings 65 Balances, December 31, 2021 66 67 Laiho Industries: Statement of Cash Flows for 2021 68 (in thousands of dollars) 69 Operating Activities Formulas 70 Net income #N/A 71 Depreciation and amortization #N/A 72 Increase in accounts payable WNIA 73 Increase in accruals WNIA 74 Increase in accounts receivable #N/A 75 Increase in inventories INJA 76 Net cash provided by operating activities 77 78 Investing Activities 79 Additions to property, plant, and equipment NA 80 Net cash used in investing activities WNIA 81 82 Financing Activities 83 Increase in notes payable MUA 84 Increase in long-term debt #N/A 85 Increase in common stock #N/A 86 Payment of common dividends NIA 87 Net cash provided by financing activities #N/A 88 89 Summary 90 Net increase/decrease in cash #N/A 91 Cash at the beginning of the year #N/A 92 Cash at the end of the year i #NIA 93 54. Calculating 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF) Ready A B 2021 INJA NA #N/A ONIA INIA #N/A WNIA WN/A IN/A ONIA INIA B C F 94 c. Calculating 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF) 95 Excesss cash 50 96 NOWC2020 (in thousands of dollars) #N/A 97 NOWC2021 (in thousands of dollars) #N/A 98 FCF 2021 (in thousands of dollars) #N/A 99 100 e. Calculating the firm's 2021 EVA 101 After-tax cost of capital 102 EVA021 (in thousands of dollars) N/A 103 104 f. Calculating the firm's MVA at year-end 2021 105 Stock price 106 Shares outstanding 107 MVA02s (in thousands of dollars) INIA 108 109 110 111 9.5% $20 10,000 G Excel 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) 2021 2020 Cash $102,839 $90,255 Accounts receivable 101,167 84,349 Inventories 37,838 34,294 $241,844 $208,898 66,304 43,343 $308,148 $252,241 $28,702 $ 21,910 31,270 23,554 15,337 12,967 Total current liabilities $75,309 $58,431 Long-term debt 73,363 62,413 Total liabilities $148,672 $120,844 Common stock 105,500 93,000 Retained earnings 53,976 38,397 Total common equity $159,476 $131,397 Total liabilities and equity $308,148 $252,241 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. Total current assets Net fixed assets Total assets Accounts payable Accruals Notes payable a. Sales for 2021 were $435,150,000, and EBITDA was 14% of sales. Furthermore, depreciation and amortization were 19% of net fixed assets, interest was $8,944,000, 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) 2021 Sales Operating costs excluding depreciation and amortization EBITDA Depreciation and amortization EBIT Interest Taxes (25%) EBT 56 Net income Common dividends Addition to retained earnings b. Construct the statement of stockholders' equity for the year ending December 31, 2021, and the 2021 statement of cash flows. Hint: The difference in accumulated depreciation from one year to the next is the annual depreciation ense the year. Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 (thousands of dollars) Total Stockholders Retained Earnings Common Stock Equity Balances, December 31, 2020 Common stock issue. 2021 Net income Cash dividends Addition to retained earnings Balances, December 31, 2021 Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars) 2021 Operating Activities Net income Depreciation and amortization Increase in accounts payable Increase in accruals Increase in accounts receivable Increase in inventories Net cash provided by operating activities Investing Activities Additions to property, plant, and equipment Net cash used in investing activities Financing Activities Increase in notes payable Increase in long-term debt 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. NOWC2020: $ thousand NOWC2021: $ thousand FCF 2021 $ 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? corporate taxes and If Laiho increased its dividend payout ratio, the firm would pay [ 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? thousand f. Assume that the firm's stock price is $20 per share and that at year-end 2021 the firm has 10 million shares outstanding. What is the firm's MVA at year-end 2021? thousand Excel 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) 2021 2020 Cash $102,839 $ 90,255 Accounts receivable 101,167) 84,349 Inventories 37,838 34,294 $241,844 $208,898 66,304 43,343 $308,148 $252,241 $ 28,702 $ 21,910 31,270 15,337 23,554 12,967 $ 75,309 $58,431 73,363 62,413 $148,672 $120,844 105,500 93,000 53,976 38,397 Total common equity $159,476 $131,397 Total liabilities and equity $308,148 $252,241 The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis to answer the Total current assets Net fixed assets Total assets Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings 13 interest was $8,944,000, the corporate tax rate was 25%, and Laiho pays 47.25% of its net income as dividends. Given this information, constructi the firm's 2021 income statement. Laiho Industries: Income Statement for Year Ending December 31, 2021 (thousands of dollars) 2021 Sales Operating costs excluding depreciation and amortization EBITDA Depreciation and amortization EBIT Interest Taxes (25%) Net Income Common dividends Addition to retained earnings EBT $ $ $ $ b. Construct the statement of stockholders' equity for the year ending December 31, 2021, and the 2021 statement of cash flows. Hint: The differenc in accumulated depreciation from one year to the next is the annual depreciation expense for the year. Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 (thousands of dollars) Common Stock Retained Earnings Total Stockholders' Equity Balances, December 31, 2020- $ Common stock issue 2021 Net Income Cash dividends Addition to retained earnings Balances, December 31, 2021 Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars) 2021 Operating Activities Net income Depreciation and amortization Increase in accounts payable Increase in accruals Increase in accounts receivable Increase in inventories Net cash provided by operating activities Investing Activities Additions to property, plant, and equipment Net cash used in investing activities Financing Activities Increase in notes payable $ S $ Increase in long-term debt 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. NOWC2020 $ thousand NOWC2021 $ thousand FCF 2021: $ 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? $ thousand f. Assume that the firm's stock price is $20 per share and that at year-end 2021 the firm has 10 million shares outstanding. What is the firm's MVA ati year-end 20217 1 thousand 1 Financial Statements, Cash Flow, and Taxes 2 3 Laiho Industries: Balance Sheets as of December 31 4 (in thousands of dollars) 5 2021 6 Assets 7 Cash $102,839 8 Accounts receivable 101,167 9 Inventories 37,838 10 Total current assets $241,844 11 Net fixed assets 66,304 12 Total assets $308,148 13 14 Liabilities and equity 15 Accounts payable 16 Accruals $28,702 31,270 17 Notes payable 15,337 18 $75,309 Total current liabilities 19 Long-term debt, Total liabilities 21 Common stock 73,363 20 $148,672 105,500 22 Retained eamings 53,976 23 Total common equity $159,476 24 Total liabilities and equity $308,148 25 26 a. Constructing the firm's 2021 Income statement 27 28 Laiho Industries: financial information for 2021 29 (in thousands of dollars) 30 31 Sales 32 EBITDA as a percentage of sales $435,150 14% 33 Depr. as a % of fixed assets 19% 34 Tax rate 25% 35 Interest expense $8,944 36 Dividend payout ratio 47.25% 37 38 Laiho Industries: Income Statement for Year Ending December 31, 2021 39 (in thousands of dollars), 40 2021 41 Sales Operating costs excluding depreciation and 42 amortization 43 EBITDA 44 Depreciation and amortization IT 46 Interest 47 EBT 48 Taxes (25%) 49 Net Income Eta + 2020 $90,255 84,349 34,294 $208,898 43,343 $252,241 $21,910 23,554 12,967 $58,431 62,413 $120,844 93,000 38,397 $131,397 $252.241 Formulas #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A 51 Common dividends #N/A #N/A 32 Addition to retained eamings 53 54 b. Constructing the statement of stockholders' equity for the year ending December 31, 2021, and the 2021 statement of cash flows 55 56 57 Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 58 In thousands of dollars) Retained Earnings Common Stock Total Stockholders Equity 59 60 Balances, December 31, 2020 61 Common stock issue 62 2021 Net income 63 Cash dividends 64 Addition to retained eamings 65 Balances, December 31, 2021 66 67 Lalho Industries: Statement of Cash Flows for 2021 68 In thousands of dollars) 09 Operating Activities Formulas 70 Net income. #N/A 71 Depreciation and amortization UNA 72 ncrease in accounts payable #N/A 73 ncrease in accruals #N/A 74 ncrease in accounts receivable UN/A 75 ncrease in inventories #N/A 76 Net cash provided by operating activities 77 78 Investing Activities 79 Additions to property, plant, and equipment 80 Net cash used in investing activities 81 82 Financing Activities 83 ncrease in notes payable 84 ncrease in long-term debt 85 ncrease in common stock 86 Payment of common dividends 87 Net cash provided by financing activities 88 89 Summary 90 Net increase/decrease in cash 01 Cash at the beginning of the year 92 Cash at the end of the year 93 2021 NA WNIA #N/A #N/A BNIA UNIA UNIA SNIA #N/A #N/A SNA #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A 94 c. Calculating 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF) 95 Excesss cash $0 #N/A 96 NOWC2020 (in thousands of dollars) 97 NOWC2021 (in thousands of dollars) #N/A #N/A 98 FCF 2021 (in thousands of dollars) 99 100 e. Calculating the firm's 2021 EVA 101 After-tax cost of capital #N/A 102 EVA2021 (in thousands of dollars) 103 104 f. Calculating the firm's MVA at year-end 2021 105 Stock price 100 Shares outstanding 107 MVA2021 (in thousands of dollars) #N/A 108 109 110 9.5% $20 10,000 1 Financial Statements, Clash Flow, and Taxes 2 3 Laiho Industries: Balance Sheets as of December 31 4 (in thousands of dollars) 5 2021 6 Assets 7 Cash $102,839 8 Accounts receivable 101,167 9 Inventories 37,838 10 Total current assets 50 11 Net fixed assets 66,304 12 Total assets $0 13 14 Liabilities and equity 15 Accounts payable $28,702 16 Accruals 31,270 17 Notes payable 15,337 18 Total current liabilities 50 19 Long-term debt 73,363 20 Total liabilities $0 21 Common stock 105,500 22 Retained earnings 53,976 23 Total common equity $0 24 Total liabilities and equity $0 25 26 a. Constructing the firm's 2021 income statement 27 28 Laiho Industries: financial information for 2021 29 (in thousands of dollars) 30 31 Sales $435,150 32 EBITDA as a percentage of sales 14% 33 Depr, as a % of fixed assets 19% 34 Tax rate 25% 35 Interest expense $8,944 36 Dividend payout ratio 47.25% 37 38 Laiho Industries: Income Statement for Year Ending December 31, 2021 39 (in thousands of dollars) 40 2021 Formulas 41 Sales #N/A Operating costs excluding depreciation #NA 42 and amortization 43 EBITDA INA #N/A 44 Depreciation and amortization 45 EBIT #N/A 46 Interest #NA 47 EBT #NA 48 Taxes (25%) NIA Sheet1 THER 2020 $90,255 84,349 34,294 $0 43,343 $0 $21,910 23,554 12,967 $0 62,413 50 93,000 38,397 50 50 D E 49 Net Income INIA 50 51 Common dividends #N/A 52 Addition to retained earnings. #N/A 53 54 b. Constructing the statement of stockholders' equity for the year ending December 31, 2021, 55 and the 2021 statement of cash flows 56 57 Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 58 (in thousands of dollars) Retained Common Stock Total Stockholders' Equity 59 Earnings 60 Balances, December 31, 2020 61 Common stock issue 62 2021 Net income 63 Cash dividends 64 Addition to retained earnings 65 Balances, December 31, 2021 66 67 Laiho Industries: Statement of Cash Flows for 2021 68 (in thousands of dollars) 69 Operating Activities Formulas 70 Net income #N/A 71 Depreciation and amortization #N/A 72 Increase in accounts payable WNIA 73 Increase in accruals WNIA 74 Increase in accounts receivable #N/A 75 Increase in inventories INJA 76 Net cash provided by operating activities 77 78 Investing Activities 79 Additions to property, plant, and equipment NA 80 Net cash used in investing activities WNIA 81 82 Financing Activities 83 Increase in notes payable MUA 84 Increase in long-term debt #N/A 85 Increase in common stock #N/A 86 Payment of common dividends NIA 87 Net cash provided by financing activities #N/A 88 89 Summary 90 Net increase/decrease in cash #N/A 91 Cash at the beginning of the year #N/A 92 Cash at the end of the year i #NIA 93 54. Calculating 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF) Ready A B 2021 INJA NA #N/A ONIA INIA #N/A WNIA WN/A IN/A ONIA INIA B C F 94 c. Calculating 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF) 95 Excesss cash 50 96 NOWC2020 (in thousands of dollars) #N/A 97 NOWC2021 (in thousands of dollars) #N/A 98 FCF 2021 (in thousands of dollars) #N/A 99 100 e. Calculating the firm's 2021 EVA 101 After-tax cost of capital 102 EVA021 (in thousands of dollars) N/A 103 104 f. Calculating the firm's MVA at year-end 2021 105 Stock price 106 Shares outstanding 107 MVA02s (in thousands of dollars) INIA 108 109 110 111 9.5% $20 10,000 G Excel 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) 2021 2020 Cash $102,839 $90,255 Accounts receivable 101,167 84,349 Inventories 37,838 34,294 $241,844 $208,898 66,304 43,343 $308,148 $252,241 $28,702 $ 21,910 31,270 23,554 15,337 12,967 Total current liabilities $75,309 $58,431 Long-term debt 73,363 62,413 Total liabilities $148,672 $120,844 Common stock 105,500 93,000 Retained earnings 53,976 38,397 Total common equity $159,476 $131,397 Total liabilities and equity $308,148 $252,241 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. Total current assets Net fixed assets Total assets Accounts payable Accruals Notes payable a. Sales for 2021 were $435,150,000, and EBITDA was 14% of sales. Furthermore, depreciation and amortization were 19% of net fixed assets, interest was $8,944,000, 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) 2021 Sales Operating costs excluding depreciation and amortization EBITDA Depreciation and amortization EBIT Interest Taxes (25%) EBT 56 Net income Common dividends Addition to retained earnings b. Construct the statement of stockholders' equity for the year ending December 31, 2021, and the 2021 statement of cash flows. Hint: The difference in accumulated depreciation from one year to the next is the annual depreciation ense the year. Laiho Industries: Statement of Stockholders' Equity, December 31, 2021 (thousands of dollars) Total Stockholders Retained Earnings Common Stock Equity Balances, December 31, 2020 Common stock issue. 2021 Net income Cash dividends Addition to retained earnings Balances, December 31, 2021 Laiho Industries: Statement of Cash Flows for 2021 (thousands of dollars) 2021 Operating Activities Net income Depreciation and amortization Increase in accounts payable Increase in accruals Increase in accounts receivable Increase in inventories Net cash provided by operating activities Investing Activities Additions to property, plant, and equipment Net cash used in investing activities Financing Activities Increase in notes payable Increase in long-term debt 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. NOWC2020: $ thousand NOWC2021: $ thousand FCF 2021 $ 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? corporate taxes and If Laiho increased its dividend payout ratio, the firm would pay [ 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? thousand f. Assume that the firm's stock price is $20 per share and that at year-end 2021 the firm has 10 million shares outstanding. What is the firm's MVA at year-end 2021? thousand