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FinancingiPhoneFactorieswithDebt(Part2–After1Year)
Welcometothesecondinourseriesonthismulti-stepscenariowithApplefinancing
iPhonefactoriesbyissuingnewdebtanduswalkingthroughthethreefinancialstatementsto
seewhathappensimmediatelyafterwards,whathappensoneyearintothefutureandthen
whathappensevenfurtherintothefutureafterthat.
Sojusttorecap,inthepreviouswhatwedidwasweassumedthatcapitalexpenditure
spendingwasupby$100becausethisreflectedthecostofbuyinganewfactory,andthenour
long-termdebtwasalsoupby$100toreflectthefactthatwerepayingforthisadditional
CapExspendingwithdebt.Now,youllnoticethatIdonothaveanythingenteredunder
changeshereandthatsbecausewevealreadygoneoutayearinthis.Soweveassumed
thatwerealreadyoutayearsothesechangesnolongerapply.Thisisalreadyafterthefact.
WhatIvedonetoreflectthisisonthebalancesheetourPPEnumberis$300ratherthanthe
$200thatwestartedoffwithtoreflectagainthefactthatwevegoneoutayear.
[01:00]
Sowevealreadyspentthis,thisisnolongercountedasachangetoourcapitalexpenditures
becausewevealreadyrecordeditonourbalancesheet.
Andthenontheotherside,ourlong-termdebtisnow$100ratherthan$0.Sothisisayear
afterthefactandwhatwewanttodonowisfigureoutwhatchangesafterwevetakeninto
accountinterestexpensepayments,andthenalsodepreciationonthesenewfactoriesthat
wevepurchased.
Sowhenyougetaquestionlikethisonaninterview,thefirstthingyouwanttodoisconfirm
someofthebasicassumptions.Soyouneedtaxrate,youneedtheinterestrateondebtto
figureoutwhatkindofinterestexpenseyourepayingandyoualsoneedtoaskthemwhattype
ofdepreciationexpenseisgoingtobeincurredbythosenewfactories.Soyouneedallo
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