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(30 points) Financial Statements: Laiho Industriess 2014 and 2015 balance sheets in thousands of dollars) are shown. Laiho Indus tries December 31 Balance Sheets (in thousands of dollars) 2015 2014 Assets Cas h Accounts receivable Inventories Total current assets Net fixed assets Total assets S 102,850 S 89,725 85,527 34,982 S 244,659 S 210,234 42,436 S 311,824 S 252,670 103,365 38,444 67,165 Liabilities and equity Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity S 30,761 S 23,109 30,477 22,656 14,217 S 77,955 S 59,982 63,914 S 154,219 S 123,896 90,000 38,774 S 157,605 S 128,774 S 311,824 S 252,670 16,717 76,264 100,000 57,605 Answer the following questions a. (10points) Sales for 2015 were $455,150,000, and EBITDA was 15% ofsales. Furthermore, depreciation and amortization were 1 1% 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, complete the firms 2015 income statement (values are expected wherever there is a S sign). 4/6
2015 Laiho Industries Income Statement (in thousands of dollars) Sales Expenses excluding depreciation and amortization S 455,150 EBITDA Depreciation and amortization EBIT Interest expense EBT Taxes (40%) Net Income Common dividends Addition to retained earnings b. (10 points) Complete the 2015 statement of cash flows. Statement of Cash Flows (in thousands of dollars) Operating Activities Net Income 7,388 Depreciation and amortization Increase in accounts payable Increase in accruals Increase in accounts receivable Increase in inventories (17,838) 3,462) Net cash provided by operating activities Investing Activities Additions to property, plant, and equipment Net cash used in investing activities Activiti Increase in notes payable Increase in long-term debt 12,350
Increase in common stock 10,000 Payment of common dividends 12,554) Net cash provided by financing activities Net increase/decrease in cash Cash balance at the beginning of the year Cash balance at the end of the year (10 points) Complete the statement of stockholders equity for the year ending December 31, 2015. c. Statement of Stockholders Equity (in thousands of dollars) Common Stock Retained Earnings Total Stockholders Equity Balances, December 31, 2014 Common stock issue 2015 Net income Cash dividends Addition to retained earnings 10,000 10,000 Balances,December 31, 2015 $157,605
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4ssets Cash Accounts reccivablc Iuventories S 102,850 89,725 85,527 34.982 S 244,659 S 210,234 42.436 103,365 38.444 Total current assets Net fixed assets Total assets Liabiiilies and equily Accounts payable Accruals Notes payable S 30,761 S 23,109 22,656 14,217 S 77,955 S 59,982 63,914 S 154,219 S 123,896 90,000 38,774 S 157.605 S 128.774 30,477 16,717 Total crrent liabilities Long term debt 76,264 Total liabilitics 100,000 Retained earnings Total common equity Tatal liahilities and equity 1,824 in thousands of dollars) Sales EBITDA as a percentage of salcs Depr. as a % of txed assets Tar rate Interest expense Dividend payout ratio S455,150 15% 11% 40% 40% T.aiho Tndustries Tncome Statement in thousands of dollars) a) Sales Expenses excluding depreciation and』mortization 2015 455,150 386,878 S68,272.30 EBITDA Depreciation and ammortizatioin EBIT S60,884 Interest expense LBT 20,924 Net Income Common d Addition to retained earnings S12,554 S18,831 Stateinent of Stockholers Equity in thousands of dollars Total Common Stock Retaine Stockholders EarningS Equity C) Balances, Deeber 31,201490,0in Common stock issue 2011 Net income Cash dividends Addition to retained earnings Balances, Decenmber 31,2015 $100,000 S38,774S28,774 10,000 31,386 (12,554) 18,831 157,605 57.605 Statement of Cash Flows in thousands of dollars) b) Net Income 831,386 Depreciation and amortization Increase in accounts payable Increase i Increase in accounts receivable Incrcase in inventorics (17,838) (3,462) S32,947 Net casb provided by operating activities Additions to property, plant, and equipment Nel cash used in investing aclivities Incrcase in notes payablc Increase in long-term debt Increase in comimon stock Payinent of common dividends S2,300 12,350 10,000 Net cash provided by financing activities Net increase/decrease in cash Cash balance at the beginning of the year Cash balance at the end of the rear S13,125 89,725 S102,850

22 (in thousands of dollars) 23 24 |Sales 25 EBITDA as a percentage of s 26 Depr. as a % of fixed assets 27 Tax rate 28 Interest expense 29 Dividend payout ratio 30 31 Laiho Industries Income Sta 32 (in thousands of dollars) 33 a) 34 Sales 35 Expenses excluding depreci 36 EBITDA 37 Depreciation and amortizati 38 EBIT 39 Interest expense 40 EBT 41 Taxes (40%) 42 Net Income 43 44 Common dividends 45 Addition to retained earnin 46 455150 0.15 0.11 0.4 8575 0.4 =SE$1 D24 E34-E36 -D24*D25 -E7*$D$26 E36-E37 -D28 E38-E39 E40 SDS27 E40-E41 -E42*$D$29 =E42-E44

46 47 Statement of Stockholders Equity 48 (in thousands of dollars) 49 c) 50 Balances, December 31, 2014 51 Common stock issue 52 2011 Net income 53 Cash dividends 54 Addition to retained earnings 55 Balances, December 31, 2015 56 Common Stock -F17 -E17-F17 etained Earnings Total Stockholders Equitv -F18 C50+D50 -C51 E42 --E44 -D52+D53 -SUM(E50:E54) -C50+C51 -SUM(D50:D53)

57 Statement of Cash Flows 58 (in thousands of dollars) 59 b) 60 Operating Activities 61 Net Income 62 Depreciation and amort

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