题目解释:S公司用折现现金流分析资本投资.新设备花费250 000,安装和运输的25000需要资本化. 5年的折旧率如下(20%, 32%, 19%, 14.5%, 14.5%),每年的税前增量现金流是75000,税率是40%,假设设备在第五年底可卖30000,问第五年的税后现金流

考点: 现金流的计算  关键词 : after-tax

解题思路:了解第五年的现金流入和现金流出,最后还要考虑税收因素

This answer results from calculating the depreciation tax shield by multiplying the Year 5 depreciation by .60, which is 1 ? the tax rate. The depreciation tax shield is calculated by multiplying the Year 5 depreciation by the tax rate.
This answer results from calculating the net after-tax cash received from the sale of the equipment by multiplying the cash received by .40, which is the tax rate. To find the net after-tax cash flow, the cash received should be multiplied by 1 ? the tax rate.
The after-tax cash flows for Year 5 will be: After-tax cash flow from operations: $75,000 × .60 $45,000 Depreciation tax shield: Total cost of $275,000 × .145 × .40 15,950 Sale of machine (fully depreciated): $30,000 cash from sale (fully taxable as gain) × .60 18,000 Net after-tax cash flow $78,950
This answer results from calculating the net after-tax cash from operations by multiplying the annual incremental pre-tax cash inflows by .40, which is the tax rate. To find the net after-tax cash flow, the pre-tax cash inflows should be multiplied by 1 ? the tax rate.