[財(cái)會(huì)考試]財(cái)務(wù)報(bào)表講義(完整版)
【正文】 b surfer, pick a pany and see what you can find! ? 真像王證券專業(yè)資料庫(kù) ? 臺(tái)積電 民國(guó) 91及 90年度財(cái)務(wù)報(bào)告 213 Taxes ? The one thing we can rely on with taxes is that they are always changing ? Marginal vs. average tax rates ? Marginal – the percentage paid on the next dollar earned ? Average – the tax bill / taxable ine ? Other taxes 214 Example: Marginal Vs. Average Rates ? Suppose your firm earns $4 million in taxable ine. ? What is the firm’s tax liability? ? What is the average tax rate? ? What is the marginal tax rate? ? If you are considering a project that will increase the firm’s taxable ine by $1 million, what tax rate should you use in your analysis? 215 臺(tái)灣之營(yíng)利事業(yè)所得稅 ? 營(yíng)利事業(yè)全年課稅所得額在 5萬(wàn)元以下者，免徵營(yíng)利事業(yè)所得稅； ? 營(yíng)利事業(yè)全年課稅所得額在十萬(wàn)元以下者，就其全部課稅所得額課徵 15 %。 CL = 1787 ? 2022: CA = 3596。 Dividends = 285 223 Example: Cash Flows ? OCF = 1014 + 500 – 368 = 1146 ? NCS = 2194 – 2261 + 500 = 433 ? Changes in NWC = (3625 – 1787) – (3596 – 2140) = 382 ? CFFA = 1146 – 433 – 382 = 331 ? CF to Creditors = 93 – (538 – 581) = 136 ? CF to Stockholders = 285 – (462 – 372) = 195 ? CFFA = 136 + 195 = 331 ? The CF identity holds. 224 Quick Quiz ? What is the difference between book value and market value? Which should we use for deci
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