还是不太明白为什么NI要减去这150000，有没有什么可以参考的公式呢？

NO.PZ2017102901000052 问题如下 Companies X anZ have the same beginning-of-the-yebook value of equity anthe same trate. The companies have intictransactions throughout the yeanreport all transactions similarly except for one. Both companies acquire a £300,000 printer with a three-yeuseful life ana salvage value of £0 on 1 January of the new year. Company X capitalizes the printer anpreciates it on a straight-line basis, anCompany Z expenses the printer. The following year-eninformation is gatherefor Company X.Ÿ Enng shareholrs’ equity: £10,000,000Ÿ Trate: 25%Ÿ vin: £0.00Ÿ Net income: £750,000Baseon the information given, Company Z’s return on equity using year-enequity will closest to: A.5.4%. B.6.1%. C.7.5%. B is correct.Company Z’s return on equity baseon year-enequity value will 6.1%. Company Z will have aition£200,000 of expenses comparewith Company X. Company Z expensethe printer for £300,000 rather thcapitalizing the printer anhaving a preciation expense of £100,000 like Company X. Company Z’s net income anshareholrs’ equity will £150,000 lower (= £200,000 × 0.75) ththof Company X.ROE=NI/equity=(750,000-150,000)/(10,000,000-150,000)=600,000/9,850,000=0.题目假设X公司和Z公司财务数据都是一样的，除了对一笔printer采购支出的处理之外。X公司是资本化，而Z公司是费用化，题目给了X公司的财务数据，让计算Z公司的ROE。我们根据题目给的数据可以计算出来X公司的ROE，在此基础上进行调整就可以得到Z公司的ROE。调整的时候就要考虑资本化和费用化导致的两个公司NI和Equity的不同。看NI的不同，我们就要看损益表X公司资本化，printer被当做资产处理，损益表中会有一笔100,000的折旧费用。Z公司费用化，printer的全部成本都算作expense，因此Z公司损益表中会有一笔300,000的expense。两个公司损益表中费用的差额为200,000，由于有税收的影响，最终NI的差异是200,000*（1-25%）=150,000，也就是Z公司的NI比X公司的NI少150,000。再比较equity的不同，因为其他条件都相同，两个公司equity受到的影响就只有retaineearning的影响，这个也是跟NI相关联，Z公司NI比X公司少150,000，那么Z公司的equity也会比X公司的equity少150,000。最后再调整X公司的ROE以得到Z公司的ROE（750,000-150,000）/（10,000,000-150,000）=600,000/9,850,000=0.061 根据公式不应该直接NI/E嘛

NO.PZ2017102901000052 问题如下 Companies X anZ have the same beginning-of-the-yebook value of equity anthe same trate. The companies have intictransactions throughout the yeanreport all transactions similarly except for one. Both companies acquire a £300,000 printer with a three-yeuseful life ana salvage value of £0 on 1 January of the new year. Company X capitalizes the printer anpreciates it on a straight-line basis, anCompany Z expenses the printer. The following year-eninformation is gatherefor Company X.Ÿ Enng shareholrs’ equity: £10,000,000Ÿ Trate: 25%Ÿ vin: £0.00Ÿ Net income: £750,000Baseon the information given, Company Z’s return on equity using year-enequity will closest to: A.5.4%. B.6.1%. C.7.5%. B is correct.Company Z’s return on equity baseon year-enequity value will 6.1%. Company Z will have aition£200,000 of expenses comparewith Company X. Company Z expensethe printer for £300,000 rather thcapitalizing the printer anhaving a preciation expense of £100,000 like Company X. Company Z’s net income anshareholrs’ equity will £150,000 lower (= £200,000 × 0.75) ththof Company X.ROE=NI/equity=(750,000-150,000)/(10,000,000-150,000)=600,000/9,850,000=0.题目假设X公司和Z公司财务数据都是一样的，除了对一笔printer采购支出的处理之外。X公司是资本化，而Z公司是费用化，题目给了X公司的财务数据，让计算Z公司的ROE。我们根据题目给的数据可以计算出来X公司的ROE，在此基础上进行调整就可以得到Z公司的ROE。调整的时候就要考虑资本化和费用化导致的两个公司NI和Equity的不同。看NI的不同，我们就要看损益表X公司资本化，printer被当做资产处理，损益表中会有一笔100,000的折旧费用。Z公司费用化，printer的全部成本都算作expense，因此Z公司损益表中会有一笔300,000的expense。两个公司损益表中费用的差额为200,000，由于有税收的影响，最终NI的差异是200,000*（1-25%）=150,000，也就是Z公司的NI比X公司的NI少150,000。再比较equity的不同，因为其他条件都相同，两个公司equity受到的影响就只有retaineearning的影响，这个也是跟NI相关联，Z公司NI比X公司少150,000，那么Z公司的equity也会比X公司的equity少150,000。最后再调整X公司的ROE以得到Z公司的ROE（750,000-150,000）/（10,000,000-150,000）=600,000/9,850,000=0.61 ROE的分母不应该是Average Equity吗？为何题目中只用了年末的equity计算？

NO.PZ2017102901000052 问题如下 Companies X anZ have the same beginning-of-the-yebook value of equity anthe same trate. The companies have intictransactions throughout the yeanreport all transactions similarly except for one. Both companies acquire a £300,000 printer with a three-yeuseful life ana salvage value of £0 on 1 January of the new year. Company X capitalizes the printer anpreciates it on a straight-line basis, anCompany Z expenses the printer. The following year-eninformation is gatherefor Company X.Ÿ Enng shareholrs’ equity: £10,000,000Ÿ Trate: 25%Ÿ vin: £0.00Ÿ Net income: £750,000Baseon the information given, Company Z’s return on equity using year-enequity will closest to: A.5.4%. B.6.1%. C.7.5%. B is correct.Company Z’s return on equity baseon year-enequity value will 6.1%. Company Z will have aition£200,000 of expenses comparewith Company X. Company Z expensethe printer for £300,000 rather thcapitalizing the printer anhaving a preciation expense of £100,000 like Company X. Company Z’s net income anshareholrs’ equity will £150,000 lower (= £200,000 × 0.75) ththof Company X.ROE=NI/equity=(750,000-150,000)/(10,000,000-150,000)=600,000/9,850,000=0.题目假设X公司和Z公司财务数据都是一样的，除了对一笔printer采购支出的处理之外。X公司是资本化，而Z公司是费用化，题目给了X公司的财务数据，让计算Z公司的ROE。我们根据题目给的数据可以计算出来X公司的ROE，在此基础上进行调整就可以得到Z公司的ROE。调整的时候就要考虑资本化和费用化导致的两个公司NI和Equity的不同。看NI的不同，我们就要看损益表X公司资本化，printer被当做资产处理，损益表中会有一笔100,000的折旧费用。Z公司费用化，printer的全部成本都算作expense，因此Z公司损益表中会有一笔300,000的expense。两个公司损益表中费用的差额为200,000，由于有税收的影响，最终NI的差异是200,000*（1-25%）=150,000，也就是Z公司的NI比X公司的NI少150,000。再比较equity的不同，因为其他条件都相同，两个公司equity受到的影响就只有retaineearning的影响，这个也是跟NI相关联，Z公司NI比X公司少150,000，那么Z公司的equity也会比X公司的equity少150,000。最后再调整X公司的ROE以得到Z公司的ROE（750,000-150,000）/（10,000,000-150,000）=600,000/9,850,000=0.61 文字的解题明白，但是计算中的数字是怎么一个个计算出来的呢？麻烦老师一步步解题一下，谢谢

NO.PZ2017102901000052 问题如下 Companies X anZ have the same beginning-of-the-yebook value of equity anthe same trate. The companies have intictransactions throughout the yeanreport all transactions similarly except for one. Both companies acquire a £300,000 printer with a three-yeuseful life ana salvage value of £0 on 1 January of the new year. Company X capitalizes the printer anpreciates it on a straight-line basis, anCompany Z expenses the printer. The following year-eninformation is gatherefor Company X.Ÿ Enng shareholrs’ equity: £10,000,000Ÿ Trate: 25%Ÿ vin: £0.00Ÿ Net income: £750,000Baseon the information given, Company Z’s return on equity using year-enequity will closest to: A.5.4%. B.6.1%. C.7.5%. B is correct.Company Z’s return on equity baseon year-enequity value will 6.1%. Company Z will have aition£200,000 of expenses comparewith Company X. Company Z expensethe printer for £300,000 rather thcapitalizing the printer anhaving a preciation expense of £100,000 like Company X. Company Z’s net income anshareholrs’ equity will £150,000 lower (= £200,000 × 0.75) ththof Company X.ROE=NI/equity=(750,000-150,000)/(10,000,000-150,000)=600,000/9,850,000=0.题目假设X公司和Z公司财务数据都是一样的，除了对一笔printer采购支出的处理之外。X公司是资本化，而Z公司是费用化，题目给了X公司的财务数据，让计算Z公司的ROE。我们根据题目给的数据可以计算出来X公司的ROE，在此基础上进行调整就可以得到Z公司的ROE。调整的时候就要考虑资本化和费用化导致的两个公司NI和Equity的不同。看NI的不同，我们就要看损益表X公司资本化，printer被当做资产处理，损益表中会有一笔100,000的折旧费用。Z公司费用化，printer的全部成本都算作expense，因此Z公司损益表中会有一笔300,000的expense。两个公司损益表中费用的差额为200,000，由于有税收的影响，最终NI的差异是200,000*（1-25%）=150,000，也就是Z公司的NI比X公司的NI少150,000。再比较equity的不同，因为其他条件都相同，两个公司equity受到的影响就只有retaineearning的影响，这个也是跟NI相关联，Z公司NI比X公司少150,000，那么Z公司的equity也会比X公司的equity少150,000。最后再调整X公司的ROE以得到Z公司的ROE（750,000-150,000）/（10,000,000-150,000）=600,000/9,850,000=0.61 如题