Laiho Industries December 31 Balance Sheets (in thousands of dollars) 20992098 Assets Cash$109,127 $89,725 Accounts receivable103,36585,527 Inventories38,44434,982 Total current assets$250,936 $210,234 Net fixed assets67,16542,436 Total assets$318,101 $252,670 Liabilities and equity Accounts payable$30,761 $23,109 Accruals30,47722,656 Notes payable16,71714,217 Total current liabilities$77,955 $59,982 Long-term debt76,26463,914 Total liabilities$154,219 $123,896 Common stock100,00090,000 Retained earnings63,88238,774 Total common equity$163,882 $128,774 Total liabilities and equity$318,101 $252,670 a.Sales for 2099 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 20%, and Laiho pays 40% of its net income as dividends.Given this information, construct the firm's 2099 income statement. The input information required for the problem is outlined in the "Key Input Data" section below.Using this data and the balance sheet above, we constructed the income statement shown below. KEY INPUT DATA:Laiho Industries (in thousands of dollars) Sales$455,150 EBITDA as a percentage of sales15% Depr. as a % of fixed assets11% Tax rate20% Interest expense$8,575 Dividend payout ratio (=Dividend/net income)40% ABCDEF 1 234567891011 121314151617181920212223 242526 2728 293031 323334 35363738394041
Laiho Industries Income Statement (in thousands of dollars) 2099 Sales$455,150 Expenses excluding depreciation and amortization386,878 EBITDA$68,273 Depreciation and amortization7,388 EBIT$60,884 Interest expense8,575 EBT$52,309 Taxes (20%)10,462 Net Income$41,847 Common dividends$16,739 Addition to retained earnings$25,108 b.Construct the statement of stockholders' equity for the year ending December 31, 2099, and the 2099 statement of cash flows. Statement of Stockholders' Equity (in thousands of dollars) Common StockBalances, December 31, 2098$90,000$38,774$128,774 Common stock issue10,000 Addition to retained earnings25,108 Balances, December 31, 2099$100,000$63,882$163,882 $63,882
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