公司理财管理及财务管理知识分析.pptVIP

Point out that taxes can be a very important component of the decision making process, but that what they learn about tax specifics now could change tomorrow. Consequently, it is important to keep up with the changing tax laws and to utilize specialists in the tax area when making decisions where taxes are involved. www: Click on the web surfer icon to go to the IRS web site for the most up-to-date tax information. It is important to point out that we are concerned with the taxes that we will pay if a decision is made. Consequently, the marginal tax rate is what we should use in our analysis. Point out that the tax rates discussed in the book are just federal taxes. Many states and cities have income taxes as well, and those taxes should figure into any analysis that we conduct. Tax liability: .15(50,000) + .25(75,000 – 50,000) + .34(100,000 – 75,000) + .39(335,000 – 100,000) + .34(4,000,000 – 335,000) = $1,360,000 Average rate: 1,360,000 / 4,000,000 = .34 or 34%Marginal rate comes from the table, and it is 34% We should use the marginal rate with an expected additional $340,000 in taxes. Remind students that this relation is just an application of the standard balance sheet identity. Note that capital spending can also be calculated as: End NFA – Beg NFA + Depr = $1,118 - $1,035 + $90 = $173 U.S.C.C. Financial Cash Flow Cash Flow of the Firm Operating cash flow $238 (Earnings before interest and taxes plus depreciation minus taxes) Capital spending (Acquisitions of fixed assets minus sales of fixed assets) Additions to net working capital Total Cash Flow of Investors in the Firm Debt (Interest plus retirement of debt minus long-term debt financing) Equity (Dividends plus repurchase of equity minus new equity financing) Total Cash Flow to Stockholders Dividends $43 Repurchase of stock 6 Cash to Stockholders 49 Proceeds from new stock issue -43 Total