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anshultongia

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tT
发表于 2011-7-13 15:17 | 只看该作者

WCInv examples from CFAI textbook

net, increase, accounts, examples, 440
p. 432, #2

WCI = increase in a/r + increase in inventory - increase in accounts payable - increase in accrued taxes and liabilities... = 39+44-22-23 = 38

Furthermore, net borrowing is right from my formula sheet: increase in notes payable + increase in long term debt

I got that, and for a second I though I may have things under control.


-----

page 440, #13A

Computing FCFE: ni+depreciation-FCI-WCI+net borrowing

net income = 80
depreciation = 23
WCI = the answer is 41...HOW DID THEY GET THAT? There is no accounts receivable, I guess inventory is net ppe (not sure about that), there is no accounts payable, and there is no accrued liabilities....so I'm screwed!

FCI = the answer is 38, but I can't figure out how they got 38....screwed again

Net borrowing = there is no notes payable and long term debt is 0, so I'm screwed on NB, too.

That's why I've given up on FCI, WCI a million times

_____

Page 446, #20

FCFF =
net income = 485
depreciation = 270
interest = 195(1-.32) = 132.6

WCI = increase in a/r + increase in inventory - increase in accounts payable - increase in accrued taxes and liabilities = 57 (yes, got it!)

FCI = 523

FCFF = 308 - yes, got it!

and I even got NB when computing FCFE.

Maybe somebody can help me with computing FCFF with #13

Gracias
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yalo

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2#
发表于 2011-7-13 15:17 | 只看该作者
440 #13A
Current Assets Change =326-201=125
Current Liabs (all non-interest bearing Change)=141-57=84

Change in WL = 125-84 = 41

Fixd Cap Investment = they gave it to you at the bottom as 38 = Capital Exp.

446 #20

Change in CA = 1988-1806=182
Change in Cash + Cash Equiv = 372-315 = 57

Net Change in CA = 182 - 57 = 125

Change in Total CL =1090 - 1007 = 83
Change in Notes Payable = 465 - 450 = 15
Net Change in CL = 83 - 15 = 68

WCI = 125 - 68 = 57

FCI=Change in Gross Fixed Asset = 4275 - 3752 = 523

CP

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RMontgomery

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3#
发表于 2011-7-13 15:17 | 只看该作者
--> Q13:

- if it helps at all: try to remember, that your change in WC can also be calculated using current assets and liabilities as done in this example (there are plenty of WC topics that discuss the different formulas and possible confusion about it).

- As far as your FCInv of 38 goes: recall that FCInv = Increase in Gross Fixed Assets. Gross FA = Net FA + Acc. Depreciation. In this Question they give us Net FA, so taking the difference is not enough, we have to include the depreciation accumulated in the current year as well. so youll have to add the current depreciation expense to the current Net FA and subtract last years Net FA. Mathematically speaking (Change Gross FA) = (Change Net FA) + (Change Acc. Depreciation). Change in Net FA here is 489-474 = 15 and Change Acc. Depreciation is the current expense of 23 --> 23+15 = 38

But for simplicity, it was also given at the bottom of the page like its been said above.

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19831985

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4#
发表于 2011-7-13 15:17 | 只看该作者
WCI = increase in a/r + increase in inventory - increase in accounts payable - increase in accrued taxes and liabilities... = 39+44-22-23 = 38

I'm a bit confused on this one. The say these are "changes in working capital":

A/R - (39)
Inv. - (44)
A/P - 22
Acc. tax and exp - 23

I'm confused w/ the +/- signs and the underlying theme here. Can anyone offer some insight?

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