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KKII · 2024年05月09日

关于这个note payable,到底要不要算进net borrowing里面?

NO.PZ2023032701000039

问题如下:

Cuyahoga River Navigators, Inc. (CRN), based in Cleveland, Ohio, has a fleet of 30 watercraft consisting of riverboats, yachts, barges, and ships navigating the Cuyahoga River and Lake Erie. Amit Jatin, a senior equity analyst at Cleveland Investment Research, asks Alahtab to evaluate CRN and prepare a research report for updating the firm’s recommendation about the stock. He gives Alahtab CRN’s financial data, which are shown in Exhibits 1.

Exhibit 1 Income Statement Excerpts& Selected Balance Sheet Data, Years Ending 31 December ($millions)

Using the data in Exhibits 1, CRN’s FCFE per share for 2013 is closest to:

选项:

A.

$0.85

B.

$0.82

C.

$0.92

解释:

FCFF = EBITDA(1 – Tax rate) + Depreciation(Tax rate) – FCInv – WCInv

FCFE = FCFF – Interest(1 – Tax rate) + Net borrowing

在有些题目,note payable是属于current liability的科目,在计算FCFF时,已经在WC中计算了,因而在计算FCFE里面,不需要计算note payable。


但这道题又把note payable计算进net borrowing里面


有没有重复计算的问题??

1 个答案

王园圆_品职助教 · 2024年05月09日

同学你好,按照老师上课的讲解,notes payable属于有息负债,虽然它是短期负债,但是有息就意味着它不应该在working capital里面计算,而应该在net borrowing里面再考虑

本题和老师上课的讲解逻辑也是相同的。

助教印象中好像题库中确实有一道题把Note payable归为了无息负债,但是好像这类题比较少。助教理解这里应该是协会出题的时候出的有问题。

所以建议同学还是暂时把Note payable作为NB里面的考虑,而不要把它放在working capital里面考虑


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