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梦梦0708 · 2020年02月23日

问一道题：NO.PZ2018101501000007

  1. CFA II
  2. Corporate Issuers

问题如下：

Company M is purchasing a new equipment of $180,000, which will be depreciated straight-line to zero over four years. The required installation fee is $20,000. An inventory investment of $55,000 is required and the tax rate is 25%. The equipment will increase revenues by $110,000 annually but the cash operating expenses may remain the same. What`s the incremental annual after-tax operating cash flow?

选项：

A.

$95,000

B.

$65,000

C.

$45,000

解释：

A is correct.

考点：Cash Flow Projections

解析：Depreciation = $200,000/4 = $50,000 

CF = (S –C –D)(1 – T) +D

= [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000

能理解题目里的新增折旧是怎么回事儿，但是有个小问题：inventory investment of $55,000这个是指的t=0时候的支出，具体是WCinvestment 还是 CAPEX呢；如果是CAPEX的话，感觉有点说不通，花了55,000却买了账面价值为20,000的equipment。谢谢～～

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2 个答案

他三哥 · 2020年02月26日

看懂了，但是FCinv是180000+20000=200000,老师多看了一个0.

Debrah_品职答疑助手 · 2020年02月24日

同学你好！

这里的Inventory Investment of 55,000属于营运资本的投入（WCinv）对于存货的投入部分。营运资本是流动资产减去流动负债，WC=CA-CL。WCinv营运资本投入可以看做是企业日常经营的缺口。而存货是企业流动资产主要的支持经营项目，因此企业日常经营缺口主要体现对于存货的投资。

另外需要留意的是，这里的FCinv是180,000+20,000=38,000，其中20,000是为了使固定资产达到可以使用的标准而必须支出的安装费，故而也作为固定资产投资。

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NO.PZ2018101501000007问题如下Company M is purchasing a new equipment of $180,000, whiwill preciatestraight-line to zero over four years. The requireinstallation fee is $20,000. inventory investment of $55,000 is requireanthe trate is 25%. The equipment will increase revenues $110,000 annually but the cash operating expenses mremain the same. What`s the incrementannuafter-toperating cash flow?A.$95,000B.$65,000C.$45,000A is correct.考点Cash Flow Projections解析preciation = $200,000/4 = $50,000 = (S –C –(1 – T) + [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000折旧费用包含买机器的钱还有安装费？

2022-07-23 14:14 1 · 回答

NO.PZ2018101501000007 为什么50000还算 不是已经说了expense不增加吗

2022-01-21 03:59 2 · 回答

NO.PZ2018101501000007 $65,000 $45,000 A is correct. 考点Cash Flow Projections 解析preciation = $200,000/4 = $50,000  = (S –C –(1 – T) += [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000 （ΔS-ΔC）（1-T）+ΔT=（110000-0）（1-25%）+0=82500

2021-08-20 16:02 1 · 回答

NO.PZ2018101501000007 $65,000 $45,000 A is correct. 考点Cash Flow Projections 解析preciation = $200,000/4 = $50,000  = (S –C –(1 – T) += [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000why why why why

2021-03-30 11:19 1 · 回答

$65,000 $45,000 A is correct. 考点Cash Flow Projections 解析preciation = $200,000/4 = $50,000  = (S –C –(1 – T) += [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000请问我用110000 x（1-0.25）+ 50000 x（1-0.25）这种形式计算出来的结果为什么和答案不一样？

2020-12-10 00:06 1 · 回答