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徐威廉 · 2020年07月08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

这里唯一的变量就是revenue increase by 110000，Dep本来就是50000没有变化更没有增量的意义啊？所以我就直接用110000*（1-25%），折旧这块没有变化，不能理解

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王琛_品职助教 · 2020年07月09日

同学你好,

如果要说唯一的变量, 不是 revenue, 而是采购新设备.

因为采购了新设备, 会影响很多变量, 比如期初的 -FCInv-WCInv, 期间现金流等.

折旧 5 万, 也是因为采购了新设备才产生的, 因为要计算增量现金流, 所以要考虑折旧的因素呀.

二级公司理财的题目都很常规, 这道题也是, 如果你对折旧产生的原因还有疑问, 建议你再听一下基础班的课程哈, 把原理理解了, 做题会效率很高.

另外, 最近在有问必答上, 和同学有多次问答互动, 但是同学没有任何反馈,.

如果我的回答, 同学认可, 可以选择采纳答案, 如果觉得不认可, 可以继续添加评论哈.

为了增加有问必答和同学的答疑效率, 提供更好的答疑服务, 还请同学可以给予正常的反馈哈, 谢谢.

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相关问题

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