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徐认认xt1102 · 2019年12月29日

问一道题:NO.PZ2017102901000052

问题如下:

Companies X and Z have the same beginning-of-the-year book value of equity and the same tax rate. The companies have identical transactions throughout the year and report all transactions similarly except for one. Both companies acquire a £300,000 printer with a three-year useful life and a salvage value of £0 on 1 January of the new year. Company X capitalizes the printer and depreciates it on a straight-line basis, and Company Z expenses the printer. The following year-end information is gathered for Company X.

Ÿ Ending shareholders’ equity: £10,000,000

Ÿ Tax rate: 25%

Ÿ Dividends: £0.00

Ÿ Net income: £750,000

Based on the information given, Company Z’s return on equity using year-end equity will be closest to:

选项:

A.

5.4%.

B.

6.1%.

C.

7.5%.

解释:

B is correct.

Company Z’s return on equity based on year-end equity value will be 6.1%. Company Z will have an additional £200,000 of expenses compared with Company X. Company Z expensed the printer for £300,000 rather than capitalizing the printer and having a depreciation expense of £100,000 like Company X. Company Z’s net income and shareholders’ equity will be £150,000 lower (= £200,000 × 0.75) than that of Company X.

ROE=Net incomeshareholders equity=600,0009,850,000=0.61=6.1%ROE=\frac{Net\text{ income}}{shareholder's\text{ equity}}=\frac{600,000}{9,850,000}=0.61=6.1\%

请问75% 是怎么算出来的。谢谢

1 个答案

Olive_品职助教 · 2019年12月30日

嗨,爱思考的PZer你好:


税率是25%,所以Z公司费用增加200,000→税前收入减少200,000→NI减少200,000*(1-25%)=150,000


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