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ladycoco想放假 · 2019年12月26日

问一道题：NO.PZ2018103102000068

  1. CFA II
  2. Equity

问题如下：

The Senior VP of Acquisitions for RN fund asks Jacques to evaluate a potential investments-a family-owned Cosmetics company TMT. Jacques has obtained the recent an excerpt of the income statement and additional data needed to calculate normalized earnings as follows. Additional data for TMT including estimates of the compensation paid to family members and the smaller amount of salary expense for replacement employees if RN acquires the company. She believes the current debt is not optimal, and can be replaced with a lower interest rate. The normalized earning after tax for TMT is closest to:

选项：

A.

$90,285,000

B.

$67,112,000

C.

$53,124,000

解释：

A is correct.

考点：Normalized earnings

解析：A正确的。根据最优资本结构计算新的利息是210万美元而不是150万美元。根据节省的薪金费用，SG&A费用减少$2,700,000(= $6,300,000-$9,000,000)至$51,300,000。此外还需要调整税收的影响。最后，税后Normalized earnings等于$90,285,000。

Additional data for TMT including estimates of the compensation paid to family members and the smaller amount of salary expense for replacement employees if RN acquires the company.

不是很理解这句话的意思：我理解是TMT的额外数据包括对家庭成员的补偿公司和如果RN要收购这家公司所带来的替换员工的工资支出（the smaller amount不知道该咋理解） 这句话怎么看出630W要加，900W要减呢？

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maggie_品职助教 · 2019年12月27日

只有非上市公司才会有给内部人（家属）发放超出正常工资水平的工资这样的问题，工资费用过高，那么企业利润小交税也少。因此我们需要对它的利润表的数字进行调整，后半句话的意思就是应该将当前的报表中的工资费用调整成正常工资水平（用正常员工来替换家属，正常工资小于当前的水平）。

ladycoco想放假 · 2019年12月27日

那什么叫替代员工工资费用的较小金额？the small amount of salary expense of replacement employees

ladycoco想放假 · 2019年12月27日

意思是630w已经是替代员工工资费用的全部金额吗？the small amount在这里实在是让人费解，还以为是内部家属和替代员工工资的差额部分

maggie_品职助教 · 2019年12月28日

是的，是全部金额，不是差额。注意题干写的是“smaller amount”, 是一个比较级，就是告诉你是正常工资水平比当前给家属的工资要少。

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NO.PZ2018103102000068问题如下 The Senior VP of Acquisitions for RN funasks Jacques to evaluate a potentiinvestments-a family-owneCosmeticompany TMT. Jacques hobtainethe recent excerpt of the income statement anaitionta neeto calculate normalizeearnings follows. Aitionta for TMT inclung estimates of the compensation paito family members anthe smaller amount of salary expense for replacement employees if RN acquires the company. She believes the current is not optimal, ancreplacewith a lower interest rate. The normalizeearning after tfor TMT is closest to: A.$90,285,000B.$67,112,000C.$53,124,000 A is correct.考点Normalizeearnings解析A正确的。根据最优资本结构计算新的利息是210万美元而不是150万美元。根据节省的薪金费用，SG A费用减少$2,700,000(= $6,300,000-$9,000,000)至$51,300,000。此外还需要调整税收的影响。最后，税后Normalizeearnings等于$90,285,000。 ​税收的影响帮忙告知下。最新的税率是多少呢？谢谢

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