《管理会计chapter12》.docVIP

Chap12 Screening decisions. Does a proposed project meet some present standard of acceptance? Preference decisions. Selecting from among several competing courses of action. 筛选决策：Screening decisions （一）净现值法！NPV!(Total-cost approach 　Incremental－cost approach) 1. 折现率（discount rate）至少大于：存款利率、贷款利率、大于等于公司资本成本分配率。 2. 复利现值公式： 其中1/(1+i)^n是复利现值系数（factor）。i为利率/折现率，n为年数。 年金现值公式： K为年金现值系数（factor），PMT为payment 计算NPV 时 大于等于0可以接受！！！ 1.先算出annual net cash flow 2.注意是负数项！！upgrading of equipment设备升级 Relining equipment 更换设备 ！ 3. in 2 years-在第二年！ 4.最后别忘加上working capital released 3. Incremental 和total 决策是否接受？Alternative A\B两者比较? E.g: Lester Company has been offered a five year contract to provide component parts for a large manufacturer. At the end of five years, the working capital will be released and may be used elsewhere by Lester. Lester Company uses a discount rate of 10%. Should the contract be accepted? Answer: Annual net cash flow from operations= 750,000-400,000-270,000= 80,000 Item Years Cash flow 10% Factor Present value Investment in equipment Now (160,000) 1 (160,000) Working capital needed Now (100,000) 1 (100,000) Relining of equipment 3 (30,000) 0.751 (22,530) Salvage value if equipment 5 5,000 0.621 3,105 Annual net cash inflows 1-5 80,000 3.791 303,280 Working capital released 5 100,000 0.621 62100 Net present value 85955 Accept the contract because the project has a positive net present value. E.g: Denny Associates has been offered a four-year contract to supply the computing requirements for a local bank The working capital is released at the end of the contract. Denny Associates requires a 14% return. --What is the net present value of the contract with the local bank? =148,,897.554 a. $150,000 b. $ 28,230 c. $ 92,340 d. $132,916 E.g: White Co. uses a discount rate of 10%. New Old Annual revenues 90,000 70,000 Annual cash operating costs 30,000 25,000 Net annual cash inflows 60,000 45,000