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4#
发表于 2011-7-13 16:26
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effin CFAI mock threw me completely off..
Balance Statement in the question is as follows:
2009 2008
Cash and cash equivalents $32 $21
Accounts receivable $413 $417
Inventories $709 $638
Other current assets $136 $123
Total current assets $1,290 $1,199
Long-term assets, net $4,814 $4,522
Total assets $6,104 $5,721
Current liabilities $2,783 $2,678
Long-term debt $2,249 $2,449
Common stockholders’ equity$1,072 $594
Total liabs n stck hldrs equity $6,104 $ 5,721
The question was what is the FCFF (so im thinking oh yeah i got this) and all of the inputs were given fairly straightforward with exception to the NWCInv. So I read the BS as recorded above. I come to calculating the CL part and recall that the input is "Current Liabilities excluding 'interest bearing debt' or 'ST/LTdebt'' and think...."Well, CL is $2,783 for 2009 and $2,678 for 2008. If "interest bearing debt/ST/LT Debt is $2,249 for 2009 and $2,449 for 2008, lets just go ahead and exclude/subtract that bad boy from CL because in FCFF its "CL 'excluding' ST/LT Debt." I am a dumbass and now see: Current Liabilities w/o "interest bearing/st/lt debt" is = to "CURRENT LIABILITIES". Because they listed CL above LTD and did not include a "Total Liabilities" my brain sold me out. FML |
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