麻烦会计达人 看下这个题~~谢谢~~

Arkwright Mills plc is considering expanding its production of a new plan, code name X15. The plant is expected to cost 1m pounds and have a life of five years and a nil residual value. It will be bought, paid for and ready for operation on 31 December Year 0. 500,000 pounds has already been spent on development costs of the product; this has been charged in the income statement in the year it was incurred.

The following results are projected for the new yarn:

	Year 1   m pounds	Year 2	Year 3	Year 4	Year 5
Sales revenue	1.2	1.4	1.4	1.4	1.4
Costs, including depreciation	(1.0)	(1.1)	(1.1)	(1.1)	(1.1)
Profit before tax	0.2	0.3	0.3	0.3	0.3

Tax is charged at 50 per cent on annual profits (before tax and after depreciation) and paid one year in arrears. Depreciation of the plant has been calculated on a straight-line basis. Additional working capital of 0.6m pounds will be required at the beginning of the project and released at the end of year 5. You should assume that all cash flows occur at the end of the year in which they arise.

Required:

a)      Prepare a statement showing the incremental cash flows of the project relevant  to a decision concerning whether or not to proceed with the construction of the new plant.

b)      Compute the net present value of the project using a 10 discount rate.

c)       Compute the payback period (投资回收期法)to the nearest year. Explain the meaning of this term.  

For this assignment you are required to complete calculations, assessing the viability of a proposal to expand production for Arkwright Mills plc. Using the data obtained, explain whether Arkwright should accept or reject this project.

一道很简单cost accounting的题啊，这个都算不出来。。。回去好好看看书吧。。

跪求解题方法~~谢谢~~

好像是找投资的。我看这里边猫腻很多，怎么看都像个骗子！小心呀！

西海游士 发表于 2012-7-12 10:12
好像是找投资的。我看这里边猫腻很多，怎么看都像个骗子！小心呀！

是作业啦~~~~~~~~~

麻烦求答案呀~~先谢谢拉~~~~

你好象是个富二代吧。这么简单的题做不出。本人不帮做作业。

西海游士 发表于 2012-7-12 10:36
你好象是个富二代吧。这么简单的题做不出。本人不帮做作业。

大虾， 您何必给人家扣帽子，是不懂才上来问的~~

因为没有基础，才这样啊~~

还是谢谢你~~

因为以前学过corporate finance, 我试着做了一下这题。但就因为这题特别简单，又不要算原有设备的折旧变卖，又不用考虑几个计划同时进行的影响，又不用算working capital,好像一切都很简单明了似的。。我反而对原题中的这句话产生了怀疑“500,000 pounds has already been spent on development costs of the product; this has been charged in the income statement in the year it was incurred. ” 这个我觉得是sunk cost..但突然不确定了。。 突然不明白为啥把这句话放这里了。。求达人解惑。
下面三楼放我做的答案，当温习了。。好久好久都没看过书了，
LZ加油！~

Depreciation of the plant (calculated on a straight-line basis – 5 yrs )
                                       
Dpn = (C- R)/ N
Dpn = Annual straight-line depreciation charge
C = Cost of the asset
R = Residual value of the asset
N = Useful economic life of the asset (years)


C=1,000,000 pounds
R=0
N=5
DPN = (1,000,000 pounds -0)/5=200,000 pounds (each year)

Initial investment = 1,000,000 + 600,000 = 1,600,000 (pounds)

	Year 1 m pounds	Year 2	Year 3	Year 4	Year 5
Sales revenue	1.2	1.4	1.4	1.4	1.4
Costs, including depreciation	(1.0)	(1.1)	(1.1)	(1.1)	(1.1)
Profit before tax	0.2	0.3	0.3	0.3	0.3
LessTax  (NOPAT)	0.2 – 0.2x50%= 0.1	0.3-0.3x50%=0.15	0.3-0.3x50%=0.15	0.3-0.3x50%=0.15		0.3-0.3x50%=0.15
Plusdepreciation	0.1+0.2=0.3	0.15+0.2=0.35	0.15+0.2=0.35	0.15+0.2=0.35		0.15+0.2=0.35
Operating cash inflows (end of year)	0.3	0.35	0.35	0.35		0.35

Terminal cash flow = 0+600,000=600,000 (pounds)

1)        
Initial investment = 1,600,000 (pounds)
*Terminal cash flow = 0+600,000=600,000 (pounds)

	Year 1 pounds (end of year)	Year 2 (end of year)	Year 3 (end of year)	Year 4 (end of year)	Year 5 (end of year)
Operating cash inflows (end of year)	300,000	350,000	350,000	350,000	350,000 + *terminal cash flow = 950,000

2)

where:

Ct = the net cash receipt at the end of year t
Io = the initial investment outlay
r = the discount rate/the required minimum rate of return on investment
n = the project/investment's duration in years.

n	1%	2%	3%	4%	5%	6%	8%	10%	12%
1	0.990	0.980	0.971	0.962	0.952	0.943	0.926	0.909	0.893
2	0.980	0.961	0.943	0.925	0.907	0.890	0.857	0.826	0.797
3	0.971	0.942	0.915	0.889	0.864	0.840	0.794	0.751	0.712
4	0.961	0.924	0.888	0.855	0.823	0.792	0.735	0.683	0.636
5	0.951	0.906	0.863	0.822	0.784	0.747	0.681	0.621	0.567

NPV (pounds)
= Y1 (300,000 x 0.909) + Y2 (350,000 x 0.826) + Y3 (350,000 x 0.751) +Y4 (350,000 x 0.683) + Y5 (950,000 x 0.621) – 1,600,000
= 272700+289100+262850+239050+589950 – 1,600,000 = 53,650
Because of the NPV of the project (10%) is greater than 0, therefore, Arkwright should accept this project.

3)
Payback period
Initial investment = 1,600,000 (pounds)
Payback Period = Y + (A/B)
Y= Total number of years before the payback year in this case Y is 4
A= Total remaining top be paid in order to make cumulative cash flow 0 in this case A is 250,000
B= Total Payback amount in entire payback year in this case the amount is 950,000

Y1 (300,000) + Y2 (350,000) + Y3 (350,000) + Y4 (350,000) + Y5(250,000/950,000)  = 1,600,000
Payback period = 4+0.26
=4.26