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艾艾姐 · 2025年05月21日

net income calculation

NO.PZ2023081403000048

问题如下:

Q. An analyst gathered the information in Exhibit 1 from a company’s 2018 financial statements:

Exhibit 1:

2018 Financial Statement (US dollars, millions)

In 2018, the company declared and paid cash dividends of USD10 million and recorded depreciation expense in the amount of USD25 million. The company considers dividends paid a financing activity. The company’s 2018 cash flow from operations (in USD millions) was closest to:

选项:

A.25 B.45 C.75

解释:

B is correct. All dollar amounts are in millions. Net income (NI) for 2018 is USD35. This amount is the increase in retained earnings, USD25, plus the dividends paid, USD10. Depreciation of USD25 is added back to net income, and the increases in accounts receivable, USD5, and in inventory, USD3, are subtracted from net income because they are uses of cash. The decrease in accounts payable is also a use of cash and, therefore, a subtraction from net income. Thus, cash flow from operations is USD25 + USD10 + USD25 – USD5 – USD3 – USD7 = USD45.

我们先求得 Net income for 2018 is $35

operating cashflow 应从 net income 开始往回加/减,请问为什么我们没有从 $35 开始计算,而是从 $25 开始算的呢?





1 个答案

王园圆_品职助教 · 2025年05月22日

同学你好,NI确实是35,但是解析"cash flow from operations is USD25 + USD10 + USD25 – USD5 – USD3 – USD7 = USD45."计算不是从NI为起点开始算的,而是从retained earnings的增加值25为起点开始算的

所以是25+10 =35这两部分一起才构成了NI,最后的计算结果是正确的,只是解析写的比较奇怪而已

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