Question 1

0/100

Submit

Question Content Area

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	$	101,677		$	89,080
Accounts receivable		101,394			84,058
Inventories		38,469			34,983
Total current assets	$	241,540		$	208,121
Net fixed assets		69,891			43,504
Total assets	$	311,431		$	251,625
Accounts payable	$	31,299		$	23,800
Accruals		30,385			22,259
Notes payable		15,371			12,981
Total current liabilities	$	77,055		$	59,040
Long-term debt		74,344			62,844
Total liabilities	$	151,399		$	121,884
Common stock		97,500			85,000
Retained earnings		62,532			44,741
Total common equity	$	160,032		$	129,741
Total liabilities and equity	$	311,431		$	251,625

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.

Download spreadsheet Financial Statements, Cash Flow, and Taxes-cbb6a9.xlsx

Sales for 2021 were $468,150,000, and EBITDA was 14% of sales. Furthermore, depreciation and amortization were 17% of net fixed assets, interest was $9,526,000, the corporate tax rate was 25%, and Laiho pays 46.25% of its net income as dividends. Given this information, construct the firm's 2021 income statement.