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Assume a firm has earnings before depreciation and taxes of $200,000 and no depreciation. It is in a 40 percent tax bracket a. Compute its cash flow. b. Assume it has $200,000 in depreciation Recompute its cash flow c. How large a cash flow benefit d id the depreciation provide? d. Would the president of a firm on the New York Stock Exchange likely be satisfied with the earnings after taxes results in part c? Solution: a. Earnings before depreciation and taxes $200000 Depreciation 0 Earnings before taxes 200.000 xes 40% 80000 Earnings after taxes 120.000 Depreciation 0 Cash flow $120,000 b. Earnings before depreciation and taxes $200000 Depreciation 200000 Earnings before taxes Taxes@ 40% Earnings after taxes 000 Depreciation 200000 Cash flow $200000 S-425 oyrightC2005 by The McGraw-Hill Companies, IncCopyright © 2005 by The McGraw-Hill Companies, Inc. S-425 12-3. Assume a firm has earnings before depreciation and taxes of $200,000 and no depreciation. It is in a 40 percent tax bracket. a. Compute its cash flow. b. Assume it has $200,000 in depreciation. Recompute its cash flow. c. How large a cash flow benefit did the depreciation provide? d. Would the president of a firm on the New York Stock Exchange likely be satisfied with the earnings after taxes results in part c? Solution: a. Earnings before depreciation and taxes $200,000 Depreciation – 0 Earnings before taxes 200,000 Taxes @ 40% – 80,000 Earnings after taxes 120,000 Depreciation – 0 Cash flow $120,000 b. Earnings before depreciation and taxes $200,000 Depreciation –200,000 Earnings before taxes 0 Taxes @ 40% 0 Earnings after taxes 0 Depreciation 200,000 Cash flow $200,000
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