NO.PZ2023032701000053
问题如下：
Because New Market Products (NMP) markets consumer staples, it is able to make use of considerable debt in its capital structure; specifically, 90 percent of the company’s total assets of $450,000,000 are financed with debt capital. Its cost of debt is 8 percent before taxes, and its cost of equity capital is 12 percent. NMP achieved a pretax income of $5.1 million in 2006 and had a tax rate of 40 percent. What was NMP’s residual income?
选项：
A.
-$2,340,000
B.
-$4,370,000
C.
-$3,060,000
解释：
In this problem, interest expense has already been deducted in arriving at NMP’s pretax income of $5.1 million.
Therefore,
Net income = Pretax income × (1 – Tax rate)
= $5.1 million × (1 – 0.4)
= $5.1 × 0.6 = $3.06 million
Equity charge = Total equity × Cost of equity capital
= (0.1 × $450 million) × 12%
= $45 million × 0.12 = $5,400,000
Residual income = Net income – Equity charge
= $3,0600,000 - $5,400,000 = –$2,340,000
NMP had negative residual income of -$2,340,000.
咨询一下：不用减去cost of debt的吗？
