working capital 的40000为什么不减掉？

问题如下：

Standard Corporation is investing $400,000 of fixed capital in a project that will be depreciated straight-line to zero over its ten-year life. Annual sales are expected to be $240,000, and annual cash operating expenses are expected to be $110,000. An investment of $40,000 in net working capital is required over the project’s life. The corporate income tax rate is 30 percent. What is the after-tax operating cash flow expected in year one?

选项：

$63,000.

$92,000.

$103,000.

解释：

C is correct.

The annual depreciation charge is $400,000/10 = $40,000. The after-tax operating cash flow in Year 1 should be

CF = (S – C – D)(1 – T) + D

= (240,000 – 110,000 – 40,000)(1 – 0.30) + 40,000

= 63,000 + 40,000 = $103,000