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13-1
CapitalBudgetingDecisions
Chapter11
C2009McGraw-HillRyersonLimited
13-2
TypicalCapitalBudgetingDecisions
Plantexpansion
C2009McGraw-HillRyersonLimited
buy
13-3
TypicalCapitalBudgetingDecisions
C2009McGraw-HillRyersonLimited
Twomethodsofmakingcapitalbudgeting
decisionsinclude...
OThePaybackMethod.
②SimpleRateofReturn.
13-4Approachesto
CapitalBudgetingDecisions
C2009McGraw-HillRyersonLimited
13-5
LearningObjective1
C2009McGraw-HillRyersonLimited
Thepaybackperiodisthelengthoftimethatittakesforaprojecttorecoveritsinitialcostoutofthecashreceiptsthatitgenerates.
Whenthenetannualcashinflowisthesameeach
year,thisformulacanbeusedtocomputethe
paybackperiod:
Paybackperiod=Investmentrequired
13-6
ThePaybackMethod
C2009McGraw-HillRyersonLimited
Accordingtothecompanyscriterion,
managementwouldinvestinthe
espressobarbecauseitspayback
periodislessthan5years.
$140,000
Paybackperiod=$35,000
Paybackperiod=4.0years
13-7
ThePaybackMethod
C2009McGraw-HillRyersonLimited
lgnoresthe
timevalue
ofmoney.
lgnorescash
flowsafter
thepayback
period.
13-8
EvaluationofthePaybackMethod
Short-comings
ofthepayback
period.
C2009McGraw-HillRyersonLimited
Whenthecashflowsassociatedwithan
investmentprojectchangefromyeartoyear,
thepaybackformulaintroducedearliercannot
beused.
Instead,theun-recoveredinvestmentmustbe
trackedyearbyyear.
13-9
PaybackandUnevenCashFlowS
$1,000$0$2,000$1,000$500
C2009McGraw-HillRyersonLimited
13-10
LearningObjective2
C2009McGraw-HillRyersonLimited
●DoesnotfocusoncashflowS--ratherit
focusesonaccountingnetoperatingincome.
·Thefollowingformulaisusedtocalculatethesimplerateofreturn:
*shouldbereducedbyanysalvagefromthesaleoftheoldequipment
C2009McGraw-HillRyerson
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