Sales for 2014 were $455,150,000, and EBITDA was 15% of sales. Furthermore, depreciation and amortization were 11% of net fixed assets, interest was $8,575,000, the corporate tax rate was 40%, and Laiho pays 40% of its net income as dividends. Given this information, construct the firm’s 2018 income statement.

 

2014 2013 Cash $102,850 $ 89,725 Accounts receivable 103,365 85,527 Inventories 38,444 34,982 Total current assets $244,659 $210,234 Net fixed assets 67,165 42,436 Total assets $311,824 $252,670 Accounts payable $ 30,761 $ 23,109 Accruals 30,477 22,656 Notes payable 16,717 14,217 Total current liabilities $ 77,955 $ 59,982 Long-term debt 76,264 63,914 Total liabilities $154,219 $123,896 Common stock 100,000 90,000 Retained earnings 57,605 38,774 Total common equity $157,605 $128,774 Total liabilities and equity $311,824 $252,670