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冬冬Liu~💫💫 · 2023年08月01日

为什么对NI的影响是减少了100000*(1-27%);1-27%是为什么

NO.PZ2018062018000052

问题如下:

Company M purchased a $500,000 equipment with a 5-year useful life at the beginning of 2016, considering the salvage value is zero. The equipment was capitalized and depreciated on straight-line method. At the end of 2016, ending shareholders’ equity of company M is 15,000,000, the tax rate is 27%, net income is 900,000, no dividend is taken into account. All else equal, if the equipment were expensed rather than capitalized, company M's return on equity at the end of 2016 would be:

选项:

A.

6.3%.

B.

4.1%.

C.

5.6%.

解释:

B is correct.

If the equipment were expensed rather than capitalized, company M’s net income and shareholders’ equity would be $292,000 lower than before: ($500,000-$500,000/5)× (1-27%) = $292,000

ROE=Net  incomeShareholders  equity=900,000292,00015,000,000292,000=4.1%ROE=\frac{Net\;income}{Shareholder's\;equity}=\frac{900,000-292,000}{15,000,000-292,000}=4.1\%

为什么对NI的影响是减少了100000*(1-27%);1-27%是为什么

1 个答案

lynn_品职助教 · 2023年08月02日

嗨,从没放弃的小努力你好:


为什么对NI的影响是减少了100000*(1-27%);1-27%是为什么


因为题目给的是公司正常折旧一年,考虑了一年折旧费用后的NI(也就是这个NI不是折旧前NI,而是扣除了一年折旧后的NI)


所以题目要计算真正的expense的NI的话,首先要调整已知的NI为一个扣除折旧前的NI,所以需要先加回500000/5*(1-t),然后再减全部的资产费用500000*(1-t),


其实就是是两种方法税后的费用差。 500,000是费用化时候产生的费用,$500,000/5是用5年摊销第一年产生的费用 ,再乘以(1-27%)就是是交完税以后的差额。


所以最后整体看,相当于减去的是($500,000-$500,000/5)× (1-27%) = $292,000这么多的费用,才能算真实的费用后NI

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