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ruby5ltc · 2023年09月18日

请问

  1. CFA II
  2. Equity

NO.PZ2023032701000036

问题如下：

The following are the financial statements in Exhibits 1 and 2. McLaughlin’s fiscal year ends 31 December.

Exhibit 1 McLaughlin Corporation Selected Financial Data ($ millions, except per share amounts)

Exhibit 2 McLaughlin Corporation Consolidated Balance Sheets ($ millions)

McLaughlin’s FCFF ($ millions) for 2012 is closest to:

选项：

A.

$485

B.

$418

C.

$460

解释：

FCFF = NI + NCC + Int(1 – Tax rate) – FCInv – WCInv

Net income (given) = $626; Non-cash charges (depreciation, given) = $243; Interest expense (given) = $186; Tax rate = 294/920 = 32%; Fixed capital investment (given) = $535

FCFF = 626 + 243 + 186(1 – 0.32) – 535 – (–25) = 485.48 = $485 million

$418 is incorrect. It uses t not (1 – t).

FCFF = 626 + 243 + (186 × 0.32) – 535 – (–25) = 418.2 = $418 million

$460 is incorrect. It ignores working capital investment.

FCFF = 626 + 243 + 186 × (1 – 0.32) – 535 = 460.48 = $460 million

我看讲义里写：WC不包括现金及现金等价物、notes payable和long term debt,为什么这道题没有把long term debt减掉？

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dejiazheng · 2024年08月29日

我也犯了同样的错误

3 个答案

王园圆_品职助教 · 2024年08月29日

同学你好，current liabilities和long-term debt绝对是两个互相独立互不包含的会计科目哦，同学注意考试的时候不要把他们两混在一起了哦

王园圆_品职助教 · 2023年09月20日

2783就是短期负债的金额，长期负债的金额就是2249

两者绝对不是包含的关系，所以流动负债的2783就是完全的短期负债的金额，是不需要减去长期负债的2249的

王园圆_品职助教 · 2023年09月19日

同学你好，你再算一下，WC的计算是没有包含现金，notes payable 以及long term debt的呢

2012年WC = （1290-32）-2783 = -1525

2011年WC = （1199-21）-2678 = -1500

WCInv = -1525 - (-1500) =-25——和解析中的WCInv计算的金额保持一致的哦

对应题干内容为下面截图

ruby5ltc · 2023年09月19日

2783里是不是应该减去2249？还是说，流动负债这个2783里面就不包括长期负债？

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相关问题

NO.PZ2023032701000036 问题如下 The following are the financistatements in Exhibits 1 an2. McLaughlin’s fiscyeen 31 cember.Exhibit 1 McLaughlin Corporation SelecteFinancita ($ millions, except per share amounts) Exhibit 2 McLaughlin Corporation ConsoliteBalanSheets ($ millions)McLaughlin’s FCFF ($ millions) for 2012 is closest to: A.$485 B.$418 C.$460 FCFF = NI + N+ Int(1 – Trate) – FCInv – WCInvNet income (given) = $626; Non-cash charges (preciation, given) = $243; Interest expense (given) = $186; Trate = 294/920 = 32%; Fixecapitinvestment (given) = $535FCFF = 626 + 243 + 186(1 – 0.32) – 535 – (–25) = 485.48 = $485 million$418 is incorrect. It uses t not (1 – t).FCFF = 626 + 243 + (186 × 0.32) – 535 – (–25) = 418.2 = $418 million$460 is incorrect. It ignores working capitinvestment.FCFF = 626 + 243 + 186 × (1 – 0.32) – 535 = 460.48 = $460 million 计算FCFE时，在计算WC 为什么current asset - current liability要把现金剔除

2024-05-09 18:49 1 · 回答

NO.PZ2023032701000036问题如下 The following are the financistatements in Exhibits 1 an2. McLaughlin’s fiscyeen 31 cember.Exhibit 1 McLaughlin Corporation SelecteFinancita ($ millions, except per share amounts) Exhibit 2 McLaughlin Corporation ConsoliteBalanSheets ($ millions)McLaughlin’s FCFF ($ millions) for 2012 is closest to: A.$485B.$418C.$460 FCFF = NI + N+ Int(1 – Trate) – FCInv – WCInvNet income (given) = $626; Non-cash charges (preciation, given) = $243; Interest expense (given) = $186; Trate = 294/920 = 32%; Fixecapitinvestment (given) = $535FCFF = 626 + 243 + 186(1 – 0.32) – 535 – (–25) = 485.48 = $485 million$418 is incorrect. It uses t not (1 – t).FCFF = 626 + 243 + (186 × 0.32) – 535 – (–25) = 418.2 = $418 million$460 is incorrect. It ignores working capitinvestment.FCFF = 626 + 243 + 186 × (1 – 0.32) – 535 = 460.48 = $460 million 照这么说那WC正确的公式就应该是（CA-CL）en（CA-CL）begin，为什么上课只讲WC＝CA-CL？这种细节会百分之百影响做题答案的，为什么不着重详细说明。就拿这题来说，这题用到的99%的知识点都掌握了，就不知道WC要用期末和期初轧差，那就还是做不对，前面99%的其他知识点也都是白掌握了。第二个问题，如果是为了流量和存量的匹配，WC用lta的数据，那NCC和FC同样也是资产负债表的数据，那也应该用lta的数据呗？这道题资产负债表给的不全，要是折旧和固定资产的数据两年都给了，也要用期末减期初？

2023-09-27 09:44 2 · 回答