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PaisleyPPx · 2020年09月12日

问一道题：NO.PZ2018062018000052 [ CFA I ]

  1. CFA I
  2. FRA

问题如下：

Company M purchased a $500,000 equipment with a 5-year useful life at the beginning of 2016, considering the salvage value is zero. The equipment was capitalized and depreciated on straight-line method. At the end of 2016, ending shareholders’ equity of company M is 15,000,000, the tax rate is 27%, net income is 900,000, no dividend is taken into account. All else equal, if the equipment were expensed rather than capitalized, company M's return on equity at the end of 2016 would be:

选项：

A.

6.3%.

B.

4.1%.

C.

5.6%.

解释：

B is correct.

If the equipment were expensed rather than capitalized, company M’s net income and shareholders’ equity would be $292,000 lower than before: ($500,000-$500,000/5)× (1-27%) = $292,000

ROE=Net  incomeShareholder′s  equity=900,000−292,00015,000,000−292,000=4.1%ROE=\frac{Net\;income}{Shareholder's\;equity}=\frac{900,000-292,000}{15,000,000-292,000}=4.1\%

老师 NI已经是个after tax的数字了 为什么还要做税的调整？不应该是分子分母同时减500000*（1-27%）么
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1 个答案

Olive_品职助教 · 2020年09月14日

嗨，努力学习的PZer你好：


如果费用化，损益表中会多500,000的expense，同时少100,000的折旧费用，这些都是税前列式的，所以调NI的时候，调整的费用都应该用税后的金额。


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