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ddmmyy · 2019年12月23日

问一道题:NO.PZ2018103102000050

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 FCFE (in millions) for 2018 is closest to:

选项:

A.

$625 million

B.

$720 million

C.

$500 million

解释:

A is correct.

考点:FCFE

解析:A是正确的。我们从NI 出发计算FCFE:

FCFE = NI + NCC - FCInv- WCInv + Net borrowing:

NI = $875 million

NCC非现支出 =此题只有折旧费用 = $400 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

Net borrowing =应付票据的增加 +长期债务的增加= (550-500 ) + ( 1,500-1,400 ) = $150 million

FCFE = 875 +400 -750 - 50 + 150= $625 million

老师您好,讲NCC的时候说过deferred tax是NCC的调整项,那accrued tax为什么不加在NCC里呢?所以是deferred tax属于NCC,accrued tax属于WC吗?

1 个答案

maggie_品职助教 · 2019年12月24日

accrued tax和deferred tax不是一个概念,accrued tax是应计税费是流动负债的一项。不要记混了。

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NO.PZ2018103102000050 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 FCFE (in millions) for 2018 is closest to: $625 million $720 million $500 million A is correct.考点FCFE解析A是正确的。我们从NI 出发计算FCFE:FCFE = NI + N- FCInv- WCInv + Net borrowing:NI = $875 millionNCC非现支出 =此题只有折旧费用 = $400 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 millionNet borrowing =应付票据的增加 +长期债务的增加= (550-500 ) + ( 1,500-1,400 ) = $150 millionFCFE = 875 +400 -750 - 50 + 150= $625 million 请问老师,Accruetaxes anexpenses这个是什么意思呢?和老师课上讲的ferretlia是一回事吗?为什么这里要用Accrue而不是fere呢?具体应该如何应用呢?谢谢老师

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