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Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant. information: - She recetved $76,000 in salary. - She received $19,000 of dividend income. - She received $6,000 of interest income on Home Depot bonds. - She received $22,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $7,000. - She received $10,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,800. - Mary receives one exemption (54,000), and she has allowable itemized deductions of 57,500 . These amounts will be deducted from her oross income to determine her taxable income. Assume that her tax rates are based on Iable 3.5. The data has been collected in the Microsoft Excel Online file below. Ooen the spreadshect and perform the required analysis to answer the questions below. Assume that her tax rates are based on Table 3.5. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below. Open spreadsheet a. What is Mary's federal tax liability? Round your answer to the nearest cent. Do not round intermediate calculations. $ b. What is her marginal tax rate? Round your answer to 1 decimal place. c. What is her average tax rate? Round your answer to 2 decimal places. Married Couples Filing Joint Returns Laiho Industries: Balance Sheets as of December 31 (thousands of dollars) a. Sales for 2021 were $435,150,000, and EBITDA was 16% of sales. Furthermore, depreciation and amortization were 18% of net fixed assets, interest was 58,537,000, the corporate tax rate was 25%, and taiho pays 46.25% of its net income as dividends. Given this information, construct the firm's 2021 income statement. Lalho Industries: Income Statement for Year Ending December 31, 2021 (thousands of dollars) Laiho Industries: Income Statement for Year Ending December 31, 2021 (thousands of dollars) 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 \begin{tabular}{ll} $37,345.00 \\ \hline$ & 37,345.00 \\ \hline \hline \end{tabular} Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash. NOWC2020:$ thousand NOWC 2021:$ thousand FCF2021:$ thousand 1. If Laiho increased its dividend payout ratio, what effect would this have on corporate taxes paid? What effect would this have on taxepaid 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 year-end 2021? Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant. information: - She recetved $76,000 in salary. - She received $19,000 of dividend income. - She received $6,000 of interest income on Home Depot bonds. - She received $22,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $7,000. - She received $10,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,800. - Mary receives one exemption (54,000), and she has allowable itemized deductions of 57,500 . These amounts will be deducted from her oross income to determine her taxable income. Assume that her tax rates are based on Iable 3.5. The data has been collected in the Microsoft Excel Online file below. Ooen the spreadshect and perform the required analysis to answer the questions below. Assume that her tax rates are based on Table 3.5. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below. Open spreadsheet a. What is Mary's federal tax liability? Round your answer to the nearest cent. Do not round intermediate calculations. $ b. What is her marginal tax rate? Round your answer to 1 decimal place. c. What is her average tax rate? Round your answer to 2 decimal places. Married Couples Filing Joint Returns Laiho Industries: Balance Sheets as of December 31 (thousands of dollars) a. Sales for 2021 were $435,150,000, and EBITDA was 16% of sales. Furthermore, depreciation and amortization were 18% of net fixed assets, interest was 58,537,000, the corporate tax rate was 25%, and taiho pays 46.25% of its net income as dividends. Given this information, construct the firm's 2021 income statement. Lalho Industries: Income Statement for Year Ending December 31, 2021 (thousands of dollars) Laiho Industries: Income Statement for Year Ending December 31, 2021 (thousands of dollars) 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 \begin{tabular}{ll} $37,345.00 \\ \hline$ & 37,345.00 \\ \hline \hline \end{tabular} Calculate 2020 and 2021 net operating working capital (NOWC) and 2021 free cash flow (FCF). Assume the firm has no excess cash. NOWC2020:$ thousand NOWC 2021:$ thousand FCF2021:$ thousand 1. If Laiho increased its dividend payout ratio, what effect would this have on corporate taxes paid? What effect would this have on taxepaid 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 year-end 2021
