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dejiazheng · 2024年08月29日

current liability和short term debt的区别？

  1. CFA II
  2. Equity

NO.PZ2023032701000037

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)

Assuming 2012 FCFF equals $500 million, McLaughlin’s FCFE ($ millions) for 2012 is closest to:

选项：

A.

$574

B.

$114

C.

$174

解释：

FCFE = FCFF – Interest (1 – T) + Net borrowing

Given: 2012 FCFF base case estimate = $500; Interest expense = $186; Tax rate = 32%

FCFE = 500 – 186 × (1 – 0.32) + (–200) = $174 million

$114 is incorrect. It ignores tax adjustment for interest expense.

FCFE = 500 – 186 + (–200) = $114 million

$574 is incorrect. It switches the sign for net borrowing.

FCFE = 500 – 186 × (1 – 0.32) + 200 = $574 million

debt是有利息的负债，所以属于融资性现金流；而liability是无息负债，所以NB不应算入current liability的变动额，这么理解对吗？

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王园圆_品职助教 · 2024年08月29日

同学你好，liabilities是债务的总称，包括有息和无息负债两类，其中有息的负债统称为debt(无论长期还是短期都有）

由于短期负债中绝大部分的债务都是无息负债，例如应付账款，预收账款，应付职工薪酬等，所以可以说绝大多数的current liabilities都不可以计入net borrowing的计算范围内，本题没有说current liabilities中有什么有息的负债,所以默认都是无息负债

但是注意，例如notes payable就是有息的短期负债，如果题目中列示了notes payable，就算它属于current liabilitiy的一部分，也需要计入Net Borrowing的计算而不是列入working capital的计算

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NO.PZ2023032701000037 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)Assuming 2012 FCFF equals $500 million, McLaughlin’s FCFE ($ millions) for 2012 is closest to: A.$574 B.$114 C.$174 FCFE = FCFF – Interest (1 – T) + Net borrowingGiven: 2012 FCFF base case estimate = $500; Interest expense = $186; Trate = 32%FCFE = 500 – 186 × (1 – 0.32) + (–200) = $174 million$114 is incorrect. It ignores taustment for interest expense.FCFE = 500 – 186 + (–200) = $114 million$574 is incorrect. It switches the sign for net borrowing.FCFE = 500 – 186 × (1 – 0.32) + 200 = $574 million 为什么这个结果和用NB=WCinv+FCinv-P算出来的结果不同

2023-08-08 11:09 2 · 回答