羅斯公司理財(cái)?shù)诎税娴诎苏?在線瀏覽
2025-01-04 23:43本頁面
【正文】 100,000(.1152) = $11,520.,The Baldwin Company,Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Income: (8) Sales Revenues 100.00 163.20 249.72 212.20 129.90 (9) Operating costs 50.00 88.00 145.20 133.10 87.84 (10) Depreciation 20.00 32.00 19.20 11.52 11.52 (11) Income before taxes 30.00 43.20 85.32 67.58 30.54 [(8) – (9) (10)] (12) Tax at 34 percent 10.20 14.69 29.01 22.98 10.38 (13) Net Income 19.80 28.51 56.31 44.60 20.16,Incremental After Tax Cash Flows,NPV of Baldwin Company,1,39.80,51.588,–260,CF1,F1,CF0,I,NPV,10,1,54.19,CF2,F2,1,66.86,CF3,F3,1,59.87,CF4,F4,1,224.66,CF5,F5,8.3 Inflation and Capital Budgeting,Inflation is an important fact of economic life and must be considered in capital budgeting. Consider the relationship between interest rates and inflation, often referred to as the Fisher equation: (1 + Nominal Rate) = (1 + Real Rate) (1 + Inflation Rate),Inflation and Capital Budgeting,For low rates of inflation, this is often approximated: Real Rate ? Nominal Rate – Inflation Rate While the nominal rate in the U.S. has fluctuated with inflation, the real rate has generally exhibited far less variance than the nominal rate. In capital budgeting, one must compare real cash flows discounted at real rates or nominal cash flows discounted at nominal rates.,Other Methods for Computing OCF,BottomUp Approach Works only when there is no interest expense OCF = NI + depreciation TopDown Approach OCF = Sales – Costs – Taxes Don’t subtract noncash deductions Tax Shield Approach OCF = (Sales – Costs)(1 – T) + Depreciation*T,8.5 Investments of Unequal Lives,There are times when application of the NPV rule can lead to the wrong decision. Consider a factory that must have an air cleaner that is mandated by law. There are two choices: The “Cadillac cleaner” costs $4,000 today, has annua
公司管理相關(guān)推薦
鄂ICP備17016276號-1