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游游 · 2025年02月18日

loss on sale equipment

  1. CFA I
  2. FRA

NO.PZ2024011002000053

问题如下：

Assume U.S. GAAP applies unless otherwise noted. An analyst gathered the following annual information ($ millions) about a company that pays no dividends and has no debt:


The company'sannual free cash flow to equity ($ millions) is closest to:

选项：

A.53.1.

B.58.4.

C.61.6.

解释：

CFO = net income + depreciation + loss on sale of equipment + decrease in accounts receivable - increase in inventories + increase in accounts payable. (The loss on sale of equipment is added back when calculating CFO.)

It would have been deducted in the calculation of net income but the loss is not the cash impact of the transaction (the proceeds received, if any, would be the cash effect) and cash flows related to equipment transactions are investing activities, not operating activities.)

CFO = 45.8 + 18.2 + 1.6 + 4.2 – 5.4 + 4.5 = $68.9 million; so FCFE = $68.9 - $7.3 = $61.6 million.

卖机器设备的损失，为什么不是减掉，而是加回

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1 个答案

王园圆_品职助教 · 2025年02月18日

同学你好，销售机器设备发生的损失，是一种非现金的损失，这种损失虽然导致了计算CFO起点的NI的减少，但从本质上并没有真的现金流出，所以这种非现金的损失就应该在NI的基础上加回，才能计算真实的CFO的金额

注意：机器设备获得的全部现金都是计入CFI的流入的，和CFO是无关的——会计记账上，固定资产 -该资产的账面剩余价值，同时cash + 卖机器收到的现金, I/S 表记录的是 现金和机器账面剩余价值的差额，这个差额不是现金本身

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