NO.PZ2023032701000037
问题如下：
The following are the financial statements in Exhibits 1 and 2. McLaughlin’s fiscal year ends 31 December.
Exhibit 1 McLaughlin Corporation Selected Financial Data ($ millions, except per share amounts)
Exhibit 2 McLaughlin Corporation Consolidated Balance Sheets ($ millions)
Assuming 2012 FCFF equals $500 million, McLaughlin’s FCFE ($ millions) for 2012 is closest to:
选项：
A.$574
$114
$174
解释：
FCFE = FCFF – Interest (1 – T) + Net borrowing
Given: 2012 FCFF base case estimate = $500; Interest expense = $186; Tax rate = 32%
FCFE = 500 – 186 × (1 – 0.32) + (–200) = $174 million
$114 is incorrect. It ignores tax adjustment for interest expense.
FCFE = 500 – 186 + (–200) = $114 million
$574 is incorrect. It switches the sign for net borrowing.
FCFE = 500 – 186 × (1 – 0.32) + 200 = $574 million
为什么这个结果和用NB=WCinv+FCinv-DEP算出来的结果不同
