根据节省的薪金费用，SG&A费用减少$2,700,000(= $6,300,000-$9,000,000)至$51,300,000-有问必答-品职教育专注CFA ESG FRM CPA 考研等财经培训课程

根据节省的薪金费用，SG&A费用减少$2,700,000(= $6,300,000-$9,000,000)至$51,300,000

NO.PZ2018103102000068

问题如下：

The Senior VP of Acquisitions for RN fund asks Jacques to evaluate a potential investments-a family-owned Cosmetics company TMT. Jacques has obtained the recent an excerpt of the income statement and additional data needed to calculate normalized earnings as follows. Additional data for TMT including estimates of the compensation paid to family members and the smaller amount of salary expense for replacement employees if RN acquires the company. She believes the current debt is not optimal, and can be replaced with a lower interest rate. The normalized earning after tax for TMT is closest to:

选项：

$90,285,000

$67,112,000

$53,124,000

解释：

A is correct.

考点：Normalized earnings

解析：A正确的。根据最优资本结构计算新的利息是210万美元而不是150万美元。根据节省的薪金费用，SG&A费用减少$2,700,000(= $6,300,000-$9,000,000)至$51,300,000。此外还需要调整税收的影响。最后，税后Normalized earnings等于$90,285,000。

根据节省的薪金费用，SG&A费用减少$2,700,000(= $6,300,000-$9,000,000)至$51,300,000, 为什么是要用63-9，而不是直接SG&A-6,300,000-9000000?

嗨，爱思考的PZer你好：

同学你好，请看题目“Additional data for TMT including estimates of the compensation paid to family members（$9000000） and the smaller amount of salary expense for replacement employees($6300000) if RN acquires the company”

这句话的意思是，现在的管理人员的工资薪金（计入SG&A科目）由于是付给家庭成员的，所以更高，而市场上可承担同类工作的雇员的工资要更低

（以上粉色和黄色的部分分别是中英文对应的翻译解析）

可以知道6,300,000<9,000,000,所以替换人员工资薪金可以节省的费用是9,000,000 -6,300,000 = 2,700,000

最后我们来算合理的调整后的SG&A应该是多少：首先不计算，依靠逻辑我们应该知道，薪资费用减少了，所以整体SG&A费用应该会下降而不是上升

所以计算的时候，我们要用54,000,000 - 2,700,000 = 51,300,000来带入调整后的最后的SG&A

如果你计算的时候就要考虑正负号，需要把符号放在括号外面考虑： - （54,000,000 - 9,000,000 + 6,300,000)= - 51,300,000，直接把原来的管理人员薪资减去，再加上现在新的管理人员薪资，最后在计算结果外面加上负号即可

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根据节省的薪金费用，SG&A费用减少$2,700,000(= $6,300,000-$9,000,000)至$51,300,000

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