costmanagmentaccountingandcontrol第二十章解答手册

costmanagmentaccountingandcontrol第二十章解答手册内容摘要：

,000) $(120,000) 1–2 .................... 76,628 133,026 NPV .......................................................................................................... $ 13,026 System I should be chosen using NPV. 461 20–10 Concluded IRR System I: I = df  CF $120,000 = $162,708/(1 + i)2 (1 + i)2 = $162,708/$120,000 = 1 + i = IRR = % IRR System II: df = I/CF = $120,000/$76,628 = From Exhibit 20B2, IRR = 18% System II should be chosen using IRR. 2. Modified parison: Year System I System II ..................... 0 $(120,000) $(120,000) ..................... 1 — — ..................... 2 162,708 160,919* *($76,628  ) + $76,628 Notice that the future value of System I is greater than that of System II and thus maximizes the value of the firm. NPV signals the correct choice, whereas IRR would have chosen System II. 20–11 Project I: CF = NI + Noncash expenses = $18,000 + $15,000 = $33,000 Project II: CF = –(1 – t)  (Cash expenses) + (t  Noncash expenses) = –  ($30,000) + (  $30,000) = –$18,000 + $12,000 = ($6,000) 462 20–12 1. Year Depreciation tNC df Present Value ........... 1 $3,000 $1,200 $ 1,072 ........... 2 6,000 2,400 1,913 ........... 3 6,000 2,400 1,709 ........... 4 3,000 1,200 763 $ 5,457 2. Year Depreciation tNC df Present Value ........... 1 $6,000 $2,400 $ 2,143 ........... 2 8,000 3,200 2,550 ........... 3 2,666 1,066 759 ........... 4 1,334 534 340 $ 5,792 3. MACRS increases the present value of tax shielding by increasing the amount of depreciation in the earlier years. 463 20–13 1. $10,000 – $25,000 = $ (15,000) loss  tax rate $ 6,000 tax savings Sales price .............. $10,000 Tax savings ............ 6,000 ....Net proceeds $ 16,000 Total cost of new press .......................... $ 50,000 Less: proceeds of old press .......... (16,000) Net investment (cash outflow) $ 34,000 2. Year (1 – t)Ca tNCb CF ............... 1 $(1,200) 2,400 $1,200 ............... 2 (1,200) 3,840 2,640 ............... 3 (1,200) 2,304 1,104 ............... 4 (1,200) 1,382 182 a (1 – )  $2,000. b ()($30,000)(). ()($30,000)(). ()($30,000)(). ()($30,000)(). 3. a. Aftertax cash flow (CF): CF = $50,000 = $30,000 (NI) + $20,000 (depreciation) b. Aftertax cash flow from revenues = $72,000 = [(1 – )$120,000] c. Aftertax cash expenses = $30,000 = [(1 – )$50,000] d. Cash inflow tax effect of depreciation = $8,000 = (  $20,000) 464 PROBLEMS 20–14 1. Year 0 ................................................................................................. $ (420,000) Year 1: Operating costs (  $35,000)..................................... $ (21,000) Savings (  $243,000) ................................................. 145,800 Depreciation shield [  ($420,000/7)  ] ............ 12,000 ....................................................................................... Total $ 136,800 Years 2–7: Operating costs ................................................................... $ (21,000) Savings.................................................................................. 145,800 Depreciation shield (  $60,000) .............................. 24,000 ....................................................................................... Total $ 148,800 Year 8: Operating costs (  $35,000)..................................... $ (21,000) Savings (  $243,000) ................................................. 145,800 Depreciation shield (  $30,000) ............................. 12,000 ....................................................................................... Total $ 136,800 Years 9–10: Operating costs (  $35,000)..................................... $ (21,000) Savings (  $243,000) ................................................. 145,800 ....................................................................................... Total $ 124,800 2. Payback period: $136,800 year 148,800 134,400 ($134,400/$148,800) $ 420,000 years 3. Year Cash Flow Discount Factor Present Value .................... 0 $(420,000) $(420,000) .................... 1 136,800 117,922 465 ................ 2–7 148,800 472,589 .................... 8 136,800 41,724 .................... 9 124,800 32,822 .................. 10 124,800 28,330 NPV ................................................................................................. $ 273,387 The NPV is positive and signals the acceptance of the project. 466 20–14 Concluded 4. Most of the factors mentioned can be quantified. Furthermore, they should be included in the analysis. All direct and indirect costs as well as costs of intangible factors should be included。 otherwise, it is possible to miss out on a very profitable investment. The exclusion of the environmental fine is especially puzzling—it is easily quantified, and certainly its avoidance is an important savings. The effect on sales may also be estimated—there is already some indication that the pany is assessing this oute. Similarly, it should not be especially hard to get some handle on the potential litigation costs. There should be ample cases. Annual cash flows increase by $90,000 (fines and sales effect) [., cash inflows increase to $226,800 in Year 1 ($136,800 + $90,000) and $238,800 for Years 2–7 ($148,800 + $90,000)]. Payback: $ 226,800 year 193,200 ($193,200/$238,800) $ 420。