问题如下图：
选项：
A. 
B. 
C. 
解释：
不好意思，实在看不懂理解不了，能否请老师用最笨的方法倒算下？先算出来费用化税前收入，在计算税后净收入，再计算费用化的equity？我自己算的完全不对。谢谢
纠纠_品职答疑助手 · 2020年09月14日
嗨，爱思考的PZer你好：
费用化税前 Net income = 900k/(1-27%)
资本化和费用化利润差异 = 500k-500k/5 = 400k
资本化税前 Net income = 900k/(1-27%) - 400k
税后净收入 = 税前Net income *（1+ 27%）=（900k/(1-27%) + 400k）*（1+ 27%）= 900 - 292
net income 差异就是292。
net income 差异292 导致equity差异292，所以得出答案ROE = (900 - 292)/(15,000-292) =4.1%
-------------------------------就算太阳没有迎着我们而来，我们正在朝着它而去，加油！
NO.PZ2018062018000052问题如下Company M purchasea $500,000 equipment with a 5-yeuseful life the beginning of 2016, consiring the salvage value is zero. The equipment wcapitalizeanpreciateon straight-line metho the enof 2016, enng shareholrs’ equity of company M is 15,000,000, the trate is 27%, net income is 900,000, no vinis taken into account. All else equal, if the equipment were expenserather thcapitalize company M's return on equity the enof 2016 woulbe:A.6.3%.B.4.1%.C.5.6%. B is correct.If the equipment were expenserather thcapitalize company M’s net income anshareholrs’ equity woul$292,000 lower thbefore: ($500,000-$500,000/5)× (1-27%) = $292,000ROE=Net incomeShareholr′s equity=900,000−292,00015,000,000−292,000=4.1%ROE=\frac{Net\;income}{Shareholr's\;equity}=\frac{900,000-292,000}{15,000,000-292,000}=4.1\%ROE=Shareholr′sequityNetincome=15,000,000−292,000900,000−292,000=4.1% 为什么对NI的影响是减少了100000*（1-27%）；1-27%是为什么
NO.PZ2018062018000052 问题如下 Company M purchasea $500,000 equipment with a 5-yeuseful life the beginning of 2016, consiring the salvage value is zero. The equipment wcapitalizeanpreciateon straight-line metho the enof 2016, enng shareholrs’ equity of company M is 15,000,000, the trate is 27%, net income is 900,000, no vinis taken into account. All else equal, if the equipment were expenserather thcapitalize company M's return on equity the enof 2016 woulbe: A.6.3%. B.4.1%. C.5.6%. B is correct.If the equipment were expenserather thcapitalize company M’s net income anshareholrs’ equity woul$292,000 lower thbefore: ($500,000-$500,000/5)× (1-27%) = $292,000ROE=Net incomeShareholr′s equity=900,000−292,00015,000,000−292,000=4.1%ROE=\frac{Net\;income}{Shareholr's\;equity}=\frac{900,000-292,000}{15,000,000-292,000}=4.1\%ROE=Shareholr′sequityNetincome=15,000,000−292,000900,000−292,000=4.1% 如果要是费用化的话，这个机器的总值500，000不就应该是减去的费用吗？要算ni的时候就应该是900,000-500,000*（1-t）啊，为什么要乘上1/5？
NO.PZ2018062018000052 问题如下 Company M purchasea $500,000 equipment with a 5-yeuseful life the beginning of 2016, consiring the salvage value is zero. The equipment wcapitalizeanpreciateon straight-line metho the enof 2016, enng shareholrs’ equity of company M is 15,000,000, the trate is 27%, net income is 900,000, no vinis taken into account. All else equal, if the equipment were expenserather thcapitalize company M's return on equity the enof 2016 woulbe: A.6.3%. B.4.1%. C.5.6%. B is correct.If the equipment were expenserather thcapitalize company M’s net income anshareholrs’ equity woul$292,000 lower thbefore: ($500,000-$500,000/5)× (1-27%) = $292,000ROE=Net incomeShareholr′s equity=900,000−292,00015,000,000−292,000=4.1%ROE=\frac{Net\;income}{Shareholr's\;equity}=\frac{900,000-292,000}{15,000,000-292,000}=4.1\%ROE=Shareholr′sequityNetincome=15,000,000−292,000900,000−292,000=4.1% Company M purchasea $500,000 equipment with a 5-yeuseful life the beginning of 2016, consiring the salvage value is zero. The equipment wcapitalizeanpreciateon straight-line metho the enof 2016, enng shareholrs’ equity of company M is 15,000,000, the trate is 27%, net income is 900,000, no vinis taken into account. All else equal, if the equipment were expenserather thcapitalize company M's return on equity the enof 2016 woulbe:
NO.PZ2018062018000052 问题如下 Company M purchasea $500,000 equipment with a 5-yeuseful life the beginning of 2016, consiring the salvage value is zero. The equipment wcapitalizeanpreciateon straight-line metho the enof 2016, enng shareholrs’ equity of company M is 15,000,000, the trate is 27%, net income is 900,000, no vinis taken into account. All else equal, if the equipment were expenserather thcapitalize company M's return on equity the enof 2016 woulbe: A.6.3%. B.4.1%. C.5.6%. B is correct.If the equipment were expenserather thcapitalize company M’s net income anshareholrs’ equity woul$292,000 lower thbefore: ($500,000-$500,000/5)× (1-27%) = $292,000ROE=Net incomeShareholr′s equity=900,000−292,00015,000,000−292,000=4.1%ROE=\frac{Net\;income}{Shareholr's\;equity}=\frac{900,000-292,000}{15,000,000-292,000}=4.1\%ROE=Shareholr′sequityNetincome=15,000,000−292,000900,000−292,000=4.1% shareholr's equity 为什么还需要减呀？
NO.PZ2018062018000052问题如下Company M purchasea $500,000 equipment with a 5-yeuseful life the beginning of 2016, consiring the salvage value is zero. The equipment wcapitalizeanpreciateon straight-line metho the enof 2016, enng shareholrs’ equity of company M is 15,000,000, the trate is 27%, net income is 900,000, no vinis taken into account. All else equal, if the equipment were expenserather thcapitalize company M's return on equity the enof 2016 woulbe:A.6.3%.B.4.1%.C.5.6%. B is correct.If the equipment were expenserather thcapitalize company M’s net income anshareholrs’ equity woul$292,000 lower thbefore: ($500,000-$500,000/5)× (1-27%) = $292,000ROE=Net incomeShareholr′s equity=900,000−292,00015,000,000−292,000=4.1%ROE=\frac{Net\;income}{Shareholr's\;equity}=\frac{900,000-292,000}{15,000,000-292,000}=4.1\%ROE=Shareholr′sequityNetincome=15,000,000−292,000900,000−292,000=4.1% 感觉唯一需要考虑的点就是100，000。对于tax的计算还是不太明白。