Attached is the actual Financial Statements, Cash Flow, and Taxes associated with the assignment questions below. 2007 & 2008 statements below. We are working on a comprehensive/spreadsheet problem (financial statements, cash flow and taxes). A balance sheet for a company called Laiho Industries. a. Sales for 2008 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% of its net income in dividends. Given this information , construct the firm's 2008 income statement. b. Construct the statement of stockholder's equity for the year ending December 31, 2008, and the 2008 statement of cash flow c. Calculate 2007 and 2008 net working capital and 2008 free cash flow. d. If Laiho increased its dividend payout ratio, what effect would this have on corporate taxes paid? What effect would this have on taxes paid by the company's shareholders? 2008 Cash $102, 850 Accounts receivable 103, 365 Inventories 38, 444 Total current assets $244,659 Net fixed assets 67, 165 Total Assets $311,824 Accounts payable $30, 761 Accruals 30, 477 Notes Payable 16,717 Total current liabilities $77, 955 Long – term debit $76,264 Total liabilities $154,219 Common stock $100,000 Retained earnings $57,605 Total common equity $157, 605 Total liabilities and equity $311,824 2007 Cash 89725 Accounts receivable 85527 Inventories 34982 Total current assets $210,234 Net fixed assets 42436 Total Assets $252,670 Accounts payable 23109 Accruals 22656 Notes Payable 14,217 Total current liabilities 59982 Long – term debit $63,914 Total liabilities $123,896 Common stock $90,000 Retained earnings $38,774 Total common equity 128774 Total liabilities and equity $252,670