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Category > Accounting Posted 21 Aug 2017 My Price 9.00

Laiho Industries

COMPREHENSIVE/SPREADSHEET   PROBLEM

 

 

 

3-11

 

 

FINANCIAL STATEMENTS, CASH FLOW, AND  TAXES

ance sheets (in thousands of dollars) are shown.

 

Laiho Industries’ 2007 and 2008 bal-

 

 

2008                 2007

 

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

 

a.        Sales for 2008 were $455,150,000, and EBITDA was 15% of sales. Furthermore, deprecia- tion 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 in dividends. Given this informa- tion, construct the firm’s 2008 income statement.

 

b.       Construct the statement of stockholders’ equity for the year ending December 31, 2008, and the 2008 statement of cash flows.

 

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?

NTEGRATED CASE

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Maurice Tutor
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Status NEW Posted 21 Aug 2017 11:08 AM My Price 9.00

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