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胖婷肥周 · 2022年09月09日

老师这道题的解题不太看得懂？

  1. CFA I
  2. FRA

NO.PZ2019120301000195

问题如下：

Companies X and Z have the same beginning-of-the-year book value of equity and the same tax rate. The companies have identical transactions throughout the year and report all transactions similarly except for one. Both companies acquire a £300,000 printer with a three-year useful life and a salvage value of £0 on 1 January of the new year. Company X capitalizes the printer and depreciates it on a straight-line basis, and Company Z expenses the printer. The following year-end information is gathered for Company X.


Based on the information given, Company Z’s return on equity using year-end equity will be closest to:

选项：

A.5.4%. B.6.1%. C.7.5%.

解释：

Solution

B is correct. Company Z’s return on equity based on year-end equity value will be 6.1%. Company Z will have an additional £200,000 of expenses compared with Company X. Company Z expensed the printer for £300,000 rather than capitalizing the printer and having a depreciation expense of £100,000 like Company X. Company Z’s net income and shareholders’ equity will be £150,000 lower (= £200,000 × 0.75) than that of Company X.ROE=(Net incomeShareholders' Equity)=£600,000/£9,850,000=0.61=6.1%ROE=(Net incomeShareholders' Equity)=£600,000/£9,850,000=0.61=6.1%

两个公司除了这30万的记账方式不同，其他的都一样


那么X公司就是计入了一笔10.000.000的dep；而Z公司是计入了一笔30.000.000的exp。


考虑25%的税率的问题，X公司比Z公司多了200-50的NI（200=300-100，费用少计算了200）（50是来源于X多交税了300*0.25-


100*0.25）。所以Z的NI=60.000.000


上面这样算对吗？


但是解题思路里面又是说的什么呢？

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1 个答案

王园圆_品职助教 · 2022年09月09日

嗨，从没放弃的小努力你好：


同学你好，你忘了考虑税前费用都有税盾的作用，另外费用化和资本化还会影响公司的资产减少的程度

我们回顾一下X公司的账务处理：由于资本化该打印设备，年初0时刻确认30万的资产，同时现金减少30万。

经过一年，年底的时候确认30/3=10的折旧，从而抵减了资产的价值到20万，另一边由于折旧有税盾的作用，所以对NI这笔折旧实际只抵消了当年利润的10*（1-25%）=7.5万——即X公司年末equity减少7.5，同时NI减少7.5

再看Z公司，由于费用化该设备，所以年初不确认资产，直接减少30万现金，同时产生30万费用（equity减少30万），同时由于费用也有税盾的作用，所以实际NI由于该费用只减少了30*（1-25%）=22.5万—即Z公司年末equity减少22.5万，同时NI也减少22.5万

两者做比较就会发现，Z公司无论是equity还是NI都相比X公司减去的更多了（22.5-7.5）=15万

所以最后计算Z公司的ROE的时候 = （X公司NI -15万）/（X公司equity - 15万） = 6.1%

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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NO.PZ2019120301000195问题如下 Companies X anZ have the same beginning-of-the-yebook value of equity anthe same trate. The companies have intictransactions throughout the yeanreport all transactions similarly except for one. Both companies acquire a £300,000 printer with a three-yeuseful life ana salvage value of £0 on 1 January of the new year. Company X capitalizes the printer anpreciates it on a straight-line basis, anCompany Z expenses the printer. The following year-eninformation is gatherefor Company X.Baseon the information given, Company Z’s return on equity using year-enequity will closest to: A.5.4%.B.6.1%.C.7.5%.SolutionB is correct. Company Z’s return on equity baseon year-enequity value will 6.1%. Company Z will have aition£200,000 of expenses comparewith Company X. Company Z expensethe printer for £300,000 rather thcapitalizing the printer anhaving a preciation expense of £100,000 like Company X. Company Z’s net income anshareholrs’ equity will £150,000 lower (= £200,000 × 0.75) ththof Company X.ROE=(Net incomeShareholrs' Equity)=£600,000/£9,850,000=0.61=6.1%ROE=(Net incomeShareholrs' Equity)=£600,000/£9,850,000=0.61=6.1%ROE=(Net incomeShareholrs' Equity)=£600,000/£9,850,000=0.61=6.1%Z公司直接费用化了分子NI为什么不能直接扣除这个费用？这对于分母有什么影响？

2022-09-09 15:18 1 · 回答