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轨迹 · 2020年11月16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\%

为什么“net income 差异292 导致equity差异292”？ Equity15 000 000 里面应该有 之前资本化的 500 000在里面，现在不资本化了，不需要减掉吗？ 
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1 个答案

Olive_品职助教 · 2020年11月18日

嗨，爱思考的PZer你好：


资本化的话，是cash减少，同时资产增加，资产会折旧，所以当年NI会体现一个depreciation expense。equity里的Retained earning受到的影响也是这个depreciation expense。

解题思路请参考：https://class.pzacademy.com/qa/47138


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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

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