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金融民工阿聪 · 2021年06月07日

老师为什么ar是属于WC

NO.PZ2018103102000116

问题如下:

According to the financial statement, what`s the FCFE for Company M?

选项:

A.

$1,140 million

B.

$1,050 million

C.

$740 million

解释:

A is correct.

考点:Computing FCFE from Different Accounting Items

解析:FCFE = FCFF – Int (1 – Tax rate) + Net borrowing.

= 950 – 300*(1 – 0.3) + 400

= $1140 million.

问题如下:

1.能否说一下WCinv都有哪些吗?

2.能否说一下FCinv都有哪些吗?

3.AR不是应付也就是说还没有付,所以没有现金流产生,所以不是不应该被减去吗?

1 个答案

追风少年_ 品职助教 · 2021年06月08日

嗨,从没放弃的小努力你好:


1.WC:

CA中包含:Inventory, AR

CA中不包含:cash & cash equivalent

CL中包含:AP, Accrued tax &expenses

CL中不包含:Note payable,Current portion of LT debt

2.FC:

就是固定资产投资,

有处置:capex=GV1-GV0+GVd-Proceeds=BV1-BV0+Dep exp-gain/+loss

无处置:capex=GV1-GV0=BV1-BV0+Dep exp

3.AR是流动资产,是CA中一部分,我们为什么要减去呢?

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

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NO.PZ2018103102000116 问题如下 Accorng to the financistatement, what`s the FCFE for Company M? $1,140 million $1,050 million $740 million A is correct.考点Computing FCFE from fferent Accounting Items解析FCFF = EBIT × (1-T) + p – Wcinv – Fcinv = 2,000 × (1-30%) + 750 – (1,000+100-500) – 600 = $950 millionFCFE = FCFF – Int (1 – Trate) + Net borrowing. = 950 – 300*(1 – 0.3) + 400 = $1140 million. 在I/S中,那些是Wcinv ,哪些是Fcinv?

2024-01-14 15:57 1 · 回答

NO.PZ2018103102000116 问题如下 Accorng to the financistatement, what`s the FCFE for Company M? $1,140 million $1,050 million $740 million A is correct.考点Computing FCFE from fferent Accounting Items解析FCFF = EBIT × (1-T) + p – Wcinv – Fcinv = 2,000 × (1-30%) + 750 – (1,000+100-500) – 600 = $950 millionFCFE = FCFF – Int (1 – Trate) + Net borrowing. = 950 – 300*(1 – 0.3) + 400 = $1140 million. 如题,net borrowing如果是额外融资,equity holrs就多了400现金可以花,所以+400,那如果是repayment,不是应该-400吗

2022-07-10 18:37 1 · 回答

NO.PZ2018103102000116 问题如下 Accorng to the financistatement, what`s the FCFE for Company M? $1,140 million $1,050 million $740 million A is correct.考点Computing FCFE from fferent Accounting Items解析FCFF = EBIT × (1-T) + p – Wcinv – Fcinv = 2,000 × (1-30%) + 750 – (1,000+100-500) – 600 = $950 millionFCFE = FCFF – Int (1 – Trate) + Net borrowing. = 950 – 300*(1 – 0.3) + 400 = $1140 million. WCinv = Increase in + Increase in Inv - Increase in AP这题中WCinv如何计算? AR和INV增加的话,WCinv不应该是负数吗? 只有increase in AP才说明是投资吧,所以为什么不是-1000-100+500呢?

2022-07-04 15:15 1 · 回答

$1,050 million $740 million A is correct. 考点Computing FCFE from fferent Accounting Items 解析 FCFF = EBIT × (1-T) + p – Wcinv – Fcinv = 2,000 × (1-30%) + 750 – (1,000+100-500) – 600 = $950 million FCFE = FCFF – Int (1 – Trate) + Net borrowing. = 950 – 300*(1 – 0.3) + 400 = $1140 million. 我对于这个NB的符号有些不太明白。。。。。,如果从给债权人的现金流来说=int(1-t)-新借入+新偿还,按照题目来讲是repayment的话,应该是300*(1-30%)+400=610才对,然后再用FCFF-610。就算写成一个公式,用NB的话,NB当repayment的时候也是-400,这里既然是repayment,为什么是这个符号?

2022-06-06 12:32 1 · 回答

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2022-06-01 00:57 1 · 回答