请问这题用EBIT（1-t）的方式出发算出来的结果为什么会有偏差呢

NO.PZ2018103102000050 问题如下 Jacques is preparing the valuation for PZ Inc.. Baseon its 2017 an2018 financistatements provithe company shown below, Jacques evaluates PZ Inc.’s FCFE (in millions) for 2018 is closest to: $625 million $720 million $500 million A is correct.考点FCFE解析A是正确的。我们从NI 出发计算FCFE:FCFE = NI + N- FCInv- WCInv + Net borrowing:NI = $875 millionNCC非现支出 =此题只有折旧费用 = $400 millionFCInv = 固定资产总额增长= 5000 -4250 = $750 millionWCInv = 应收账款的增加 + 存货的增加- 应付账款的增加-应计负债的增加= (800 - 750) + (850- 720) - (400- 300) - (120 - 90)= $50 millionNet borrowing =应付票据的增加 +长期债务的增加= (550-500 ) + ( 1,500-1,400 ) = $150 millionFCFE = 875 +400 -750 - 50 + 150= $625 million 请问老师，Accruetaxes anexpenses这个是什么意思呢？和老师课上讲的ferretlia是一回事吗？为什么这里要用Accrue而不是fere呢？具体应该如何应用呢？谢谢老师

NO.PZ2018103102000050问题如下 Jacques is preparing the valuation for PZ Inc.. Baseon its 2017 an2018 financistatements provithe company shown below, Jacques evaluates PZ Inc.’s FCFE (in millions) for 2018 is closest to: $625 million $720 million $500 million A is correct.考点FCFE解析A是正确的。我们从NI 出发计算FCFE:FCFE = NI + N- FCInv- WCInv + Net borrowing:NI = $875 millionNCC非现支出 =此题只有折旧费用 = $400 millionFCInv = 固定资产总额增长= 5000 -4250 = $750 millionWCInv = 应收账款的增加 + 存货的增加- 应付账款的增加-应计负债的增加= (800 - 750) + (850- 720) - (400- 300) - (120 - 90)= $50 millionNet borrowing =应付票据的增加 +长期债务的增加= (550-500 ) + ( 1,500-1,400 ) = $150 millionFCFE = 875 +400 -750 - 50 + 150= $625 million请老师下，为啥accuretanexpenses要算入WC呢，谢谢

NI=285,Int(1-T)=78,p=180,请问老师，图片中的WC=38还是-38？FC=349还是-349？NB=50还是-50？FCFF的计算结果能写一下吗？我现在符号还是没有搞清楚，好晕

NO.PZ2018103102000050 请问acrrueax这个概念属于WorkingCapital在哪里出现过？