NO.PZ201601200500001101
问题如下：
1. Economic income during year one is closest to:
选项：
A.23,186.
B.29,287.
C.46,101.
解释：
Economic income = Cash flow – Economic depreciation
Economic income (Year 1) = C F 1 −( V 0 − V 1 ) After-tax operating cash flow (CF) = (S – C – D)(1 – T) + D + After-tax salvage = EBIT(1 – T) + D + After-tax salvage
CF1 = 58,000
V0=58,000/1.12+64,000/1.12^2+70,000/1.12^3+76,000/1.12^4+76,000/1.12^5=244,054.55
V 1 = 64,000/1.12 + 70,000/1.12^2 + 76,000 /1.12^3 + 76,000/1.12^4 =215,341.10
Economic income (Year 1) = 58,000 – (244,054.55– 215,341.10)
Economic income (Year 1) = 58,000 – 28,713.45 = 29,286.55
为什么在计算After-tax operating cash flow (CF) = (S – C – D)(1 – T) + D + After-tax salvage
= EBIT(1 – T) + D + After-tax salvage
要加上 After-tax salvage
