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Marina_0122 · 2021年02月15日

未来买资产

NO.PZ2018110601000033

问题如下:

Exhibit 1 Grey Family: Personal and Financial Information:

Personal Information:

1. Estimated present value of the Greys’ future earnings is $3,900,000.

2. The family has two children, ages 10 and 8. Cost of four years of university for the two children, with an estimated present value of $250,000.

3. Purchase of a vacation home in the next five years, with an estimated present value of $325,000.

4. Estimated present value of the Grahams’ future consumption is $3,500,000.

 

Financial Information:

 

Using the data in Exhibit 1, the Greys’ economic net worth (in thousands) is closest to:

选项:

A.

$755

B.

$679

C.

$854

解释:

B is correct.

考点:economic balance sheet

解析:economic balance sheet不仅包含了传统的资产和负债,还包含了extended assets & liabilities,例如养老金、未来消费的现值。所以计算过程中既要包含表格中的财务信息,也要包含表格上方的4条个人信息。其中,

Total economic assets = PV of future earnings+ Checking account+ Taxable investment account+ Residence=3900+27+625+525=$5077 (in thousands)

Total economic liabilities= PV of education + vacation home+ PV of future consumption+ Residential mortgage+ Outstanding balance on line of credit=250+325+3500+285+38=$4398 (in thousands)

所以Economic net worth=5077-4398=679 (in thousands)

有人追问了没答

未来买资产 这个应该也是用钱去买 对资产来说不是不变吗?

如果是借债去买 债和资产同时增加 不也应该是不影响net worth吗?


Purchase of a vacation home in the next five years, with an estimated present value of $325,000. 题目把这个算做了负债 这$325k不应该是对net worth没有影响么 .... 最终是cash 换 property 而已。如果说对资产端做规划可以假设已经购买(i.e. liquidity)减少....但是最后买不买对net worth都没影响吧 比如说换一个说法,此人决定next five year买$325k的股票.... 对net worth 有影响么?

1 个答案
已采纳答案

Shimin_CPA税法主讲、CFA教研 · 2021年02月17日

追问有回答,回答根据时间排序,后答的显示在了前面。https://class.pzacademy.com/qa/68468

对于net worth,计算方法是用传统报表上的asset- liability, $325k属于extended liabilities,所以对net worth没有影响 。

对于Economic net worth, $325k是一个目标,目标意味着现在没有达成,未来才可以达成。未来买房子花的 $325k会从资产中划走,所以这套还没买的房子可以看成是一笔价值 $325k的负债(类比真正的欠债,当债务当期,资产端把钱转给债主,债务同时抵消)。但现在的情况是,资产这边的$325k cash是怎么来的,需要基金经理给个人提供资产配置计划,到底是从future earnings来,还是从 investment account ,而future earnings和investment account已经计算在了 total economic assets。所以这里的资产和负债不是同时增加$325k。

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