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文志(Wenzhi) · 2023年09月03日

如题

NO.PZ2023081403000048

问题如下:

Q. An analyst gathered the information in Exhibit 1 from a company’s 2018 financial statements:

Exhibit 1:

2018 Financial Statement (US dollars, millions)

In 2018, the company declared and paid cash dividends of USD10 million and recorded depreciation expense in the amount of USD25 million. The company considers dividends paid a financing activity. The company’s 2018 cash flow from operations (in USD millions) was closest to:

选项:

A.25

B.45

C.75

解释:

B is correct. All dollar amounts are in millions. Net income (NI) for 2018 is USD35. This amount is the increase in retained earnings, USD25, plus the dividends paid, USD10. Depreciation of USD25 is added back to net income, and the increases in accounts receivable, USD5, and in inventory, USD3, are 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 is USD25 + USD10 + USD25 – USD5 – USD3 – USD7 = USD45.

这里说dividant是融资活动,为什么算到cfo里了?

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已采纳答案

王园圆_品职助教 · 2023年09月04日

同学你好,这里没有将分红算作CFO哦

要通过间接法计算CFO,首先需要知道当年的net income是多少

所以本题其实是利用资产负债表科目的BASE法则先来计算net income

由于期初的retained earnings + 本期NI - 分红dividend = 期末的retained earnings,这样带入信息就可以计算出18年的NI,然后再带入计算CFO的公式,就可以计算CFO了

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