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176****1430 · 2025年06月22日

loss on sale of equipment不是应该在CFI中吗,怎么计算在CFO了

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.

 loss on sale of equipment不是应该在CFI中吗,怎么计算在CFO了

1 个答案

王园圆_品职助教 · 2025年06月22日

同学你好,这个loss是会导致NI减少的,但是这是一种非现金的损失

我们在以NI为起点计算CFO的时候,本质是在把所有的非现金损失加回,非现金收益加上,从而把NI调整成一个现金性的NI然后再算CFO

所以这个loss作为非现金的减少NI的存在,就需要加回

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