account payable不是无息负债么，不属于DEBT,为什么要减掉？

NO.PZ201512300100001402 In aition to the balansheet, Powell is gathering other ta to assist in valuing Oakstanhfouninformation on recent sales of timberlanin the western part of Cana. uglfir properties have average$6,178 per hectare for tracts thare not contiguous an not have a veloperosystem for harvesting the timber. For tracts with these features, possesseOakstar, the average priis $8,750 per hectare. Properties neurbareanhaving potentifor resintianrecreationseconhome velopment commanup to $20,000 per hectare. 为什么选择8750，而不是6178和20000呢

NO.PZ201512300100001402 $87,250,000. $199,750,000. B is correct. In the absenof market value ta for assets anliabilities, the analyst usually must use book value ta (the reang explicitly makes the assumption thbook values accurately reflemarket values well). Except for timberlan market values for assets are not available. Thus, all other assets are assumeto valuetheir book values, whisum to $500,000 + $25,000 + $50,000 + $750,000 = $1,325,000. The value of the lanis terminethe value of $8,750 per hectare for properties comparable to Oakstar’s. Thus, the value of Oakstar’s lanis $8,750 × 10,000 = $87,500,000. Liabilities are assumeto worth the sum of their book value or $1,575,000. Thus, Estimatevalue = Totassets  Liabilities = $1,325,000 + $87,500,000-$1,575,000 = $87,250,000.Lan位是hectares，不是$，但是按照表格的数据10,000,000加起来，totasset的金额刚好吻合啊

老师，我这边主要有三个问题 1、请问此处为什么不用扣除现金？我看到过往解析中老师”asset baseapproach就是总资产减去总负债，如果是计算EV的话，EV=股权价值+净债务，其中净债务是“有息负债-现金”。注意区分“。想问下所谓的区别在哪里？asset baseapproach计算出的也是EV吧。。我理解的EV=V(equity)+V(liability), 此处的V（liability）是liability的market value（只是因为通常没有market value才近似用liability的book value），为什么这里老师解析是要用净债务？这在基础班哪页讲义中？为什么我一点印象都没有。。。 2、另外讲义中似乎对asset base法没有过多说明，看本题解析，在实际计算时是有market value的按照market value,没有的就按照Book value，是这样吗？

请问什么时候需要减去现金及等价物?我翻了一下笔记，只找到了EV=E-cash，其余更详细的部分没找到（比如是哪一个知识点）。