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杨舒芃 · 2022年01月21日

为什么50000还算 不是已经说了expense不增加吗

  1. CFA II
  2. Corporate Issuers

NO.PZ2018101501000007

问题如下：

Company M is purchasing a new equipment of $180,000, which will be depreciated straight-line to zero over four years. The required installation fee is $20,000. An inventory investment of $55,000 is required and the tax rate is 25%. The equipment will increase revenues by $110,000 annually but the cash operating expenses may remain the same. What`s the incremental annual after-tax operating cash flow?

选项：

A.

$95,000

B.

$65,000

C.

$45,000

解释：

A is correct.

考点：Cash Flow Projections

解析：Depreciation = $200,000/4 = $50,000 

CF = (S –C –D)(1 – T) +D

= [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000

为什么50000还算 不是已经说了expense不增加吗

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王琛_品职助教 · 2022年01月21日

嗨，努力学习的PZer你好：


5 万是折旧，计算 OCF 的时候要算呀

the cash operating expenses may remain the same，指的是 OCF 公式中的 C，解析中也有说明，C = 0

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

王琛_品职助教 · 2022年01月23日

嗨，努力学习的PZer你好：


那请问installation fee也要算进initial里面是吗

是的，请参考：https://class.pzacademy.com/qa/79792

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努力的时光都是限量版，加油！

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NO.PZ2018101501000007问题如下Company M is purchasing a new equipment of $180,000, whiwill preciatestraight-line to zero over four years. The requireinstallation fee is $20,000. inventory investment of $55,000 is requireanthe trate is 25%. The equipment will increase revenues $110,000 annually but the cash operating expenses mremain the same. What`s the incrementannuafter-toperating cash flow?A.$95,000B.$65,000C.$45,000A is correct.考点Cash Flow Projections解析preciation = $200,000/4 = $50,000 = (S –C –(1 – T) + [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000折旧费用包含买机器的钱还有安装费？

2022-07-23 14:14 1 · 回答

NO.PZ2018101501000007 $65,000 $45,000 A is correct. 考点Cash Flow Projections 解析preciation = $200,000/4 = $50,000  = (S –C –(1 – T) += [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000 （ΔS-ΔC）（1-T）+ΔT=（110000-0）（1-25%）+0=82500

2021-08-20 16:02 1 · 回答

NO.PZ2018101501000007 $65,000 $45,000 A is correct. 考点Cash Flow Projections 解析preciation = $200,000/4 = $50,000  = (S –C –(1 – T) += [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000why why why why

2021-03-30 11:19 1 · 回答

$65,000 $45,000 A is correct. 考点Cash Flow Projections 解析preciation = $200,000/4 = $50,000  = (S –C –(1 – T) += [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000请问我用110000 x（1-0.25）+ 50000 x（1-0.25）这种形式计算出来的结果为什么和答案不一样？

2020-12-10 00:06 1 · 回答