NO.PZ2019120301000195
问题如下:
Companies X and Z have the same beginning-of-the-year book value of equity and the same tax rate. The companies have identical transactions throughout the year and report all transactions similarly except for one. Both companies acquire a £300,000 printer with a three-year useful life and a salvage value of £0 on 1 January of the new year. Company X capitalizes the printer and depreciates it on a straight-line basis, and Company Z expenses the printer. The following year-end information is gathered for Company X.
选项:
A.5.4%.
B.6.1%.
C.7.5%.
解释:
SolutionB is correct. Company Z’s return on equity based on year-end equity value will be 6.1%. Company Z will have an additional £200,000 of expenses compared with Company X. Company Z expensed the printer for £300,000 rather than capitalizing the printer and having a depreciation expense of £100,000 like Company X. Company Z’s net income and shareholders’ equity will be £150,000 lower (= £200,000 × 0.75) than that of Company X.ROE=(Net incomeShareholders' Equity)=£600,000/£9,850,000=0.61=6.1%
Z公司直接费用化了分子NI为什么不能直接扣除这个费用?这对于分母有什么影响?