請問會計高手 ~ 關於”淨現值 (NPV)”的問題
英文版的... 裡面充滿了陷井的感覺，我覺得好難喔!! 算不出來 >_<"""，快死掉了。拜託請"會計高手"救救命一下，感激不盡!!
The Boom Mining Company is considering a new uranium mining project in the Australian outback. The company has been offered a 10-year concession by the government as an incentive to establish the project, however all mining operations must stop at the conclusion of this period. Because of the site's remoteness, the company will be required to construct buildings, plant and equipment for mining operations, and build suitable accommodation for its workers.
The following estimates of sales revenues, investment costs and operating expenses relate to this project:
1. Initial investments required are : land ($2 million), building($1 million), plant ($750,000), accommodations ($400,000), and other current assets ($500,000);
2. At the conclusion of the project, the expected residual values of these investments are : land ($1 million), building are estimated to have a useful life of 20 years and are to be depreciated on a straight-line basis ($500,000), plant and accommodations are estimated to have a useful life of 10 years and are to be depreciated on a straight-line basis with zero residual values. Current assets will be recovered in full at the termination of the project;
3. Annual cash sales are estimated to be $1.9 million and annual cash costs are estimated to be $1.35 million;
4. Management estimate that the after-tax cost of capital (based on the company's weighted average cost of capital (WACC)) is 10% which is assumed to be the appropriate discount rate for this project;
5. Company tax is payable at a rate of 30% in the year following income, and the proportion claimed by shareholder is 70%.
1. Calculate if the project is profitable using a net present value model.
2. Prepare an analysis of the project proposal showing annual cash flows, taxable income and capital expenditures.
3. Provide a brief recommendation on the project for the Board including all assumptions and possible limitations involved.
- Anonymous1 decade agoFavorite Answer
2005-09-30 13:04:51 補充：
2005-09-30 13:05:06 補充：
- Anonymous1 decade ago
以及，每年之淨現金流入：1.9M-1.35M=0.55M ; 所得稅(550,000-25,000(建物折舊)-75,000(廠房折舊)-40,000(其他設施折舊))*0.3=123,000; 扣除所得稅之淨現金流入=427,000 --->> 這個是每一年的淨現金流入，需不需要乘以10年呢?!
2005-09-30 12:09:01 補充：
還有"the proportion claimed by shareholder is 70%"，它需要加以理會嗎?!
2005-09-30 17:12:24 補充：