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Jacksonic · 2023年06月24日

提问

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:

A.

$90,285,000

B.

$67,112,000

C.

$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。

 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. 

这句话不是代表前者增加(9000000)而后者减少(6000000)吗?为什么答案当中是加上6300000而减去9000000呢?

2 个答案

王园圆_品职助教 · 2023年09月18日


同学你好,因为题目们要求的是normalized EPS,所以需要把公司不合理的支出先加回,然后再减去实际的合理支出,从而计算真正的公司的净利润可以达到多少,最后就可以计算normalized EPS了

运用到薪酬费用上,因为支付给家族成员的薪酬明显是超过市场平均价格的,所以这里的意思是应该把这些薪酬不合理费用都削减掉(也就是加回这些不合理费用)然后再按照市场价支付实际的薪酬(也就是减去实际的费用),这才能体现公司实际的运营应该获得的利润值

王园圆_品职助教 · 2023年06月24日

同学你好,原解析表述“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。”

题目解析中说的是SG&A会减少2.7M(而不是增加)所以题目解析写的+6.3M - 9M只是在算SG&A一共需要减少多少绝对值的金额而已,你看完整这句话,后面半句还写了,说SG&A会减少到5.13M(确实比表二中的5.4M小了2.7M),因为这笔费用少了,所以确实NI会增加

Chuck Rock · 2023年09月18日

您好 老師 我想請教的問題是 為什麼 compensation paid to family members 在題目是減去 讓expense變少了?我的理解是 公司發工資給family members 不是應該是花銷嗎?應該增加expense (SG&A),為什麼題目裡面的解釋卻是 減去900萬的compensation expense.

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NO.PZ2018103102000068问题如下 The Senior VP of Acquisitions for RN funasks Jacques to evaluate a potentiinvestments-a family-owneCosmeticompany TMT. Jacques hobtainethe recent excerpt of the income statement anaitionta neeto calculate normalizeearnings follows. Aitionta for TMT inclung estimates of the compensation paito family members anthe smaller amount of salary expense for replacement employees if RN acquires the company. She believes the current is not optimal, ancreplacewith a lower interest rate. The normalizeearning after tfor TMT is closest to: A.$90,285,000B.$67,112,000C.$53,124,000 A is correct.考点Normalizeearnings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Normalizeearnings等于$90,285,000。 ​税收的影响帮忙告知下。最新的税率是多少呢?谢谢

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