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
照这么说那WC正确的公式就应该是（CA-CL）end-（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delta的数据，那NCC和FC同样也是资产负债表的数据，那也应该用delta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？
