问一道题：NO.PZ2018103102000049

问题如下：

Jacques is preparing the valuation for PZ Inc.. Based on its 2017 and 2018 financial statements provided by the company as shown below, Jacques evaluates PZ Inc.’s FCFF (in millions) for 2018 is closest to:

选项：

$800 million

$720 million

$600 million

解释：

B is correct.

考点：FCFF

解析：B是正确的。我们从NI 出发计算FCFF:

FCFF = NI + NCC + Interest expense (1- Tax rate) - FCInv - WCInv:

NI = $875 million

NCC非现支出 =此题只有折旧费用 = $400 million

Interest expense (1- Tax rate) = 350 (1- 0.30) = $245 million

FCInv = 固定资产总额增长= 5000 - 4250 = $750 million

WCInv = 应收账款的增加 + 存货的增加- 应付账款的增加-应计负债的增加= (800 - 750) + (850- 720) - (400- 300) - (120 - 90)= $50 million

FCFF = 875 + 400 + 245 -750 -50= $720 million

老师，请问为啥accrued tax and expenses属于CA,谢谢您

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已采纳答案

maggie_品职助教 · 2019年12月09日

accrued tax and expenses应计税费属于CL.

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NO.PZ2018103102000049 问题如下 Jacques is preparing the valuation for PZ Inc.. Baseon its 2017 an2018 financistatements provithe company shown below, Jacques evaluates PZ Inc.’s FCFF (in millions) for 2018 is closest to: $800 million $720 million $600 million B is correct.考点FCFF解析B是正确的。我们从NI 出发计算FCFF:FCFF = NI + N+ Interest expense (1- Trate) - FCInv - WCInv:NI = $875 millionNCC非现支出 =此题只有折旧费用 = $400 millionInterest expense (1- Trate) = 350 (1- 0.30) = $245 millionFCInv = 固定资产总额增长= 5000 - 4250 = $750 millionWCInv = 应收账款的增加 + 存货的增加- 应付账款的增加-应计负债的增加= (800 - 750) + (850- 720) - (400- 300) - (120 - 90)= $50 millionFCFF = 875 + 400 + 245 -750 -50= $720 million ebit(1-t)+p或者ni+ncc+int(1-t)是不是就是把这两个数字还原到ebit就可以了？谢谢老师

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