登录之后可查看解析

This answer results from omitting the $3,000 cash received from selling the existing equipment.
The initial investment is the net cash outflow for the new equipment ($95,000) plus the outflow for the increase in working capital that will be needed, adjusted for the after-tax amount received from the sale of the old equipment. Working capital for the existing equipment is $6,000 A/R minus $2,100 A/P, for net working capital of $3,900. Working capital for the new equipment will be $8,000 A/R minus $2,500 A/P, for net working capital of $5,500. The increase in working capital is $5,500 – $3,900, a cash outflow of $1,600. The old equipment has a book value of $5,000 and can be sold for $3,000. There will be a capital loss of $2,000 on the sale, since it is being sold for less than book value. There will be an inflow of $3,000 cash received from the sale, plus there will also be a tax benefit to be received from the loss on the sale. The loss on the sale is $2,000 and the tax rate is .40, so the tax benefit is $2,000 × .40, or $800. The after-tax cash inflow from the sale of the existing equipment is $3,000 + $800, or $3,800. So the initial investment will be: (95,000) + (1,600) + 3,800 = (92,800).
This is not the correct answer. Please see the correct answer for an explanation. We have been unable to determine how to calculate this incorrect answer choice. If you have calculated it, please let us know how you did it so we can create a full explanation of why this answer choice is incorrect. Please send us an email at support@hockinternational.com. Include the full Question ID number and the actual incorrect answer choice -- not its letter, because that can change with every study session created. The Question ID number appears in the upper right corner of the ExamSuccess screen. Thank you in advance for helping us to make your HOCK study materials better.
This is not the correct answer. Please see the correct answer for an explanation. We have been unable to determine how to calculate this incorrect answer choice. If you have calculated it, please let us know how you did it so we can create a full explanation of why this answer choice is incorrect. Please send us an email at support@hockinternational.com. Include the full Question ID number and the actual incorrect answer choice -- not its letter, because that can change with every study session created. The Question ID number appears in the upper right corner of the ExamSuccess screen. Thank you in advance for helping us to make your HOCK study materials better.