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Jack Sun · 2021年11月17日

account payable和note payable

  1. CFA II
  2. Equity

NO.PZ2018103102000049

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 FCFF (in millions) for 2018 is closest to:

选项：

A.

$800 million

B.

$720 million

C.

$600 million

解释：

B is correct.

考点：FCFF

解析：B是正确的。我们从NI 出发计算FCFF:

FCFF = NI + NCC + Interest expense (1- Tax rate) - FCInv - WCInv:

NI = $875 million

NCC非现支出 =此题只有折旧费用 = $400 million

Interest expense (1- Tax rate) = 350 (1- 0.30) = $245 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

FCFF = 875 + 400 + 245 -750 -50= $720 million

我知道note payable和long term debt需要调整，

请问account payable和note payable有什么区别？

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1 个答案

王园圆_品职助教 · 2021年11月17日

嗨，爱思考的PZer你好：


同学你好，accounts payable的中文是应付账款，属于短期经营性负债，具体是指欠供应商的钱，但是没有开任何的支付类票据给供应商，一般欠款期限较短，在30天到60天之间。

notes payable的中文是应付票据，也属于短期经营性负债，但是这笔钱公司会给供应商开一个票据作为依据，可能是银行承兑汇票，可能是商业承兑汇票，一般期限也会比应付账款略长一些，大概在90天到270天之间。


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