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六姑娘 · 2023年07月28日

股息25为什么是加的?

NO.PZ2023020602000069

问题如下:

Assume U.S. GAAP applies unless otherwise noted. An analyst gathered the following information from a company’s 2005 financial statements ($ millions):


The company declared and paid cash dividends of $10 million in 2005 and recorded depreciation expense in the amount of $25 million for 2005. The company’s 2005 cash flow from operations ($ millions) was closest to

选项:

A.25 B.35 C.45

解释:

Net income (NI) for 2005 can be computed as the change in retained earnings, $25, plus the dividends paid in 2005, $10. NI can also be calculated from the formula: beginning retained earnings + NI — dividends paid = ending retained earnings. Depreciation of $25 would be added back to net income while the increases in accounts receivable, $5, and in inventory, $3, would be subtracted from net income because they are uses of cash. The decrease in accounts payable is also a use of cash and, therefore, a subtraction from net income. Thus, cash flow from operations for 2005 is $25 + $10 + $25 — $5 — $3 — $7 = $45 ($ millions).

The company declared and paid cash dividends of $10 million in 2005

1 个答案

王园圆_品职助教 · 2023年07月28日

因为本题要求的是CFO的值,而要计算CFO,首先需要计算本期的NI

根据retained earnings的BASE法则:期末retained earnings = 期初retained earnings +NI - dividend paid

带入数字:145= 120+NI - 10 就可以求本期的NI= 35

然后根据间接法的NI计算CFO的公式,就可以计算CFO了

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