公司理财案例解析.docxVIP

Jimmy’s Hot Dog Stands根据题中所给数据，可得出下表：Year 0 Year 1Year 2Year 3Year 4Year 5Investment:Purchaseof real estate(400,000)(2)installation of specialized kitchen equipment(40,000)(3)furniture and fittings(25,000)(4) furniture and fittings(20,000)(5)total cash flow of investment[(1)+(2)+(3)+(4)](465,000)(20,000)Income:(6)Sales revenues510,000510,000510,000510,000510,000(7)Operating costs(253,080)(253,080)(253,080)(253,080)(253,080)(8)depreciation(13,000)(13,000)(13,000)(13,000)(13,000)(9)income before tax[(6)-(7)-(8)]243,920243,920243,920243,920243,920(10)tax at 34 percent82932.882932.882932.882932.882932.8(11)net income 160987.2160987.2160987.2160987.2160987.2(12)cash flow from operations[(6)-(7)-(10)]173987.2173987.2173987.2173987.2173987.2(13)total cash flow of project [(5)+(12)](465,000)153987.2173987.2173987.2173987.2173987.2PV@10%(465,000)139988143791130719118835108032NPV176365由于此项目的NPV为正，所以应该做该项目的投资。注：（1）depreciation 是对installation of specialized kitchen equipment和 furniture and fittings 采用直线法提折旧。即Depreciation=（40,000+25,000）/5=13,000（2）investment contains Purchaseof real estate ,installation of specialized kitchen equipment ,and furniture and fittings.so total cash flow of investment= Purchase of real estate+ installation of specialized kitchen equipment+ furniture and fittings+furniture and fittings. (3) 由于规模效应的存在，opening a second stand will decrease the cost of purchasing gourmet hot dogs from 75 cents to 60 cents. considering the synergy, operating costs=0.6*200*7*52+18,400+72,800+22,200+96,000=253,080 (4)tax=income before tax*0.34Net income=income before tax *（1-0.34）（5）cash flow from operations=Sales revenues-Operating costs-tax at 34 percent（6）NPV=So the project should be accepted because its npv would be positive.