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This is the net profit before taxes, as given in the problem. It is not the annual cash flow from the investment.
This answer results from incorrectly including depreciation in the analysis. Depreciation should not be included, because this is a cash flow analysis, and depreciation is a non-cash expense. The only effect depreciation would have on a capital budgeting analysis is in the depreciation tax shield, and since this is a before-tax analysis, there is no effect from depreciation.
This answer results from incorrectly including the interest expense in the analysis. Interest expense should not be included, because the financing of a capital investment is a different process from the capital budgeting cash flow analysis.
The annual cash flow from the investment before tax considerations is: Revenue $650,000 Less costs: Direct costs 270,000 Variable overhead 50,000 Fixed overhead 20,000 General & Administrative 40,000 Net operating cash flow $270,000 The depreciation is not included because this is a cash flow analysis, and depreciation is a non-cash expense. The only effect depreciation would have on a capital budgeting analysis is in the depreciation tax shield, and since this is a before-tax analysis, there is no effect from depreciation. The interest expense is not included because the financing of a capital investment is a different process from the capital budgeting cash flow analysis, and the interest cost is incorporated when the cash flows are discounted to their present value.