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八月的西瓜 · 2024年10月01日

loss on sale of equipment属于CFI，但为啥不计入FCFE呢？

  1. CFA I
  2. FRA

NO.PZ2024011002000053

问题如下：

Assume U.S. GAAP applies unless otherwise noted. An analyst gathered the following annual information ($ millions) about a company that pays no dividends and has no debt:


The company's annual free cash flow to equity ($ millions) is closest to:

选项：

A.53.1. B.58.4. C.61.6.

解释：

CFO = net income + depreciation + loss on sale of equipment + decrease in accounts receivable - increase in inventories + increase in accounts payable. (The loss on sale of equipment is added back when calculating CFO.)

It would have been deducted in the calculation of net income but the loss is not the cash impact of the transaction (the proceeds received, if any, would be the cash effect) and cash flows related to equipment transactions are investing activities, not operating activities.)

CFO = 45.8 + 18.2 + 1.6 + 4.2 – 5.4 + 4.5 = $68.9 million; so FCFE = $68.9 - $7.3 = $61.6 million.

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王园圆_品职助教 · 2024年10月01日

同学你好，loss on sale of equipment不属于CFI啊，这是一个I/S表项目，不是真实的现金流出的概念哦

真实的销售机器收到的现金，确实是计入CFI的，但是那叫做“proceeds received from sales of equipment"或是类似的名称，并且代表的是全部的收到的销售机器的现金，而不是 由于这次销售机器收到的现金小于了其账面剩余价值后确认的损失（也就是loss on sale of equipment这个科目实际的含义）

所以即便FCFF中要考虑FCInv，也和loss on sale of equipment这个项目没有关系哦

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