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eee · 2018年06月08日

问一道官网题目



End of Year (inflation adjusted, $ millions)201320142015201620172018
Consultant fee0.55*     
Capital investment required10.36     
Additional net working capital2.20.620.430.280.190.12
Sales 2.73.243.894.675.6
Variable expenses 1.621.942.332.83.36
Fixed expenses 0.20.210.210.220.23
Depreciation 0.210.210.210.210.21
Earnings before interest and taxes (EBIT) 0.670.881.141.441.81
Interest 0.360.360.360.360.36
Taxable income 0.310.520.781.081.45
Tax expense (32%) 0.10.170.250.340.46
Net income 0.210.350.530.740.99





Weinberger further suggests calculating the project’s net present value (NPV) with an assumption of selling the division for $12 million at the end of 2018 (note that capital gains are fully taxed at 32%) and recapturing all working capital.



If Weinberger is correct about the selling price of the division, the after-tax non-operating cash flow (in millions) from the sale at the end of 2018 will be closest to:

  1. $11.14.
  2. $14.98.
  3. $15.32.



此题似乎是把一个公司看成一个项目投资,我有两个问题

一是 如何判断期末出售资产的税费算non-operating cash flow还是operating cash flow,是否在corproate financial 一章都算non-operating?在财务里面看准则?

二是,这实际是一个公司而不是一个固定资产投资有独立的所得税和net income,期末出售资产账面值从答案看只考虑初始投资和折旧,而没有考虑每年的净利润,这样合理吗?

1 个答案

吴昊_品职助教 · 2018年06月08日

TNOCF=NWCINv+Salet-T*(Salet-Bt),期末处置资产算在non-operating CF中

我们现在备考,就按照协会给出的公式去计算即可。
加油~


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