財務管理：第十二章答案

1、第十二章答案 SOLUTIONS TO PROBLEMS 1 Relevanr cash flows: 0 a. Iiiirial cash outflow (S60,000) 1 2 4 5 b. Savinas $20.000 $20,000 $20.000 $20.000 $20,000 c. Depreciaiion. new 19.99S 26.670 8.886 4,446 0 d. Profit change before tax (b)-(c) J (6.670) 1L114 15.554 20,000 e. Taxes (d) x (38%) 1 (2.535) 4.223

2、5,911 7.600 f. Piofit clianae after- tax (d)-(e) 1 (4J35) 6.891 9643 12,400 g. Net cash flow (0 + (c) or (b) -(e) $19,999 $22,535 $15,777 $14,089 S12300 ； a. Relevant cash flows: (a) Initial cash outflow 0 (b) Savings (560,000) 2 1 5 S2L200 S22.472 $20.000 $25,250 (c) Depreciation, new 19.998 26.670

3、 8.886 4.446 0 (d) Piofit change before tax (b) - (c) 厶 (5.470) 13.586 19374 25.250 (e) Taxes (d) x (38%) 1 (2.079) 563 7.362 9.595 (f) Piofit chanse after tax (d)-(e) 1 (3391) 8.423 12.012 15.655 (g)Net cash flow (f) + (c) or (b)-(e) $19,999 23,279 $17,309 $16,458 $15,655 b Relevant cash flows: (No

4、te: net cash flows for years 1-4 leinain the same as in part a. above.) * S4.000 maintenance cost plus salvage value of S9.000. * * SI3.500 maintenance cost plus salvage (a) Cost (S60.000) (a) Net cash flow tor tennmal year before project wiud-up SI 5,655 (b) Working capital 10.000 (b) Working capit

5、al recovered 10.000 (c) butial cash outflow (e Terminal year net cash flow -(a)十(b) (S70.000) (a)十(b) S25.000 b. Time of cash outflow Rockbuilt Bulldog 0 ($74.000) ($59.000) 1 (2.000) (3,000) 2 (2.000) (4.500) 3 (2.000) (6.000) 斗 (2.000) (22.500) 5 (13.000) (9.000) 6 (4.000) (10.500) 7 (4,000) (12.0

6、00) 8 5.000* (8.500嚴 Net cost savings of Rockbuilr over Bulldog iruck ($15,000) LOOO 2.500 4.000 20.500 (4.000) 6.500 8.000 13-500 Amount of cash outflow: value of S5.000. 4. Incremental cash inflows: End of Year 1 2 3 4 a. Savings $12.000 $12.000 SI 2.000 SI 2.000 b. Depreciation, new 19.998 26670

7、8.886 4,446 c. Depieciation. old 4.520 0 0 0 d. Incremeinal depieciation (b) 一 (c) 15.478 26.670 8.886 4.446 e. Profit change before rax (a) 一 (d) (3.478) (14.670) 3,114 7.554 f Taxes (e) x (40%) (1.391) (5.868) 1.246 3.022 g. Profit change after-tax (e) 一 (f) (2.087) (8.802) 1.868 4.532 h. Opeiatin

8、e cash flow change (2) + (d) or GO 一. J J 13.391 17.868 10554 &978 i. Incremental salvage value* x(1 - 0.40) 0 0 0 7.800 j. Net cash flow (h) + (i) S13J91 $17,868 S10J54 S16J78 *($15000 - $2.000) = S13.000 Cost of new* machine $60.000 - Current salvage value of “old” machine (&000) + Taxes d

9、ue to sale of “old machine ($8.000 - $4.520) (0.40) 1.392 =Initial cash outflow 553,3925. Increinental cash inflows: End of Year 1 厶 3 4 a. Savings $12,000 $12.000 $ 12.000 $12.000 b. Depreciation, new 20.665 27.559 9.182 4,594 c. Depreciation, old 4.520 0 0 0 d. Incremental depieciation (b) 一 (c) 1

10、6.145 27.559 9.182 4.594 已 Profix change before tax (a) 一 (d) (4.145) (15.559) 2.S18 7.406 f. Taxes (e) x (40%) 仃,658) (6.224) L127 2.962 g- Profit change after-tax (e) 一 (f) (2.487) (9.335) 1.691 4.444 11. Operatina cash flow change (g) + (d) or (a) _ (f) 13.658 1&224 10.873 9.038 i. Increineiital salvage value* x (1 一 0.40) 0 0 0 7.800 j- Net cash flow (h) + (i) $13,658 $1&224 S10.873 z S16,838 ($15.000 - $2.000) = $13.000 Cost o