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徐威廉 · 2020年02月24日

问一道题:NO.PZ2016012005000005

问题如下:

Five years ago, Frater Zahn’s Company invested £38 million £30 million in fixed capital and another £8 million in working capital in a bakery. Today, Frater Zahn’s is selling the fixed assets for £21 million and liquidating the investment in working capital. The book value of the fixed assets is £15 million and the marginal tax rate is 40 percent. The fifth year’s after-tax non-operating cash flow to Frater Zahn’s is closest to:

选项:

A.

£20.6 million.

B.

£23.0 million.

C.

£26.6 million.

解释:

C is correct.

The terminal year after-tax non-operating cash flow is

TNOCF=Sal5+NWCInvT(Sal5B5)TNOCF=Sal_5+NWCInv-T(Sal_5-B_5)= 21 + 8 – 0.40(21 – 15) = £26.6. million

题目中这句话liquidating the investment in working capital.什么意思?

1 个答案

maggie_品职助教 · 2020年02月25日

嗨,从没放弃的小努力你好:


就是期末回收营运资本的意思。营运资本是如果一个企业要正式投产的话必须有运作的资金,也就是周转资金,这部分的性质是暂时投入的,以后在企业停止运营时还是可以收回的。这部门资金只是周转用的。
 


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