24 bài tập Quản trị tài chính ( giải )
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Transcript of 24 bài tập Quản trị tài chính ( giải )
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7/30/2019 24 bi tp Qun tr ti chnh ( gii )
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Bi 1:Gi mua 500 tr thi gian vay 1/6 nmchit khu 2% ca gi mua li su t vay 9% /nmCP v/c 5 tr thi gian s dng 4 nml ph trc b 11 trvay NH 200 tr
1. Nguyn gi : NG = 509 tr
2a. Khu hao theo phng php ng thng
127.25 tr
N Mi Kh u hao ly k Gi tr cn li1 127.25 127.25 381.752 127.25 254.5 254.53 127.25 381.75 127.254 127.25 509 0
2b. Kh u hao theo phng php t l KH gim d n
N Ti Mi Kh u hao ly k Gi tr cn li1 40% 203.6 203.6 305.42 30% 152.7 356.3 152.73 20% 101.8 458.1 50.94 10% 50.9 509 0
10 100% 509
2c. Kh u hao theo phng php s d gim d n c i u chnh
N Gi Tc Mi Kh u hao ly k Gi tr cn li1 509.00 37.5% 190.88 190.88 318.13
2 318.13 37.5% 119.30 310.17 198.833 198.83 - 99.41 409.59 99.414 99.41 - 99.41 509.00 0.00
10 509.00
=> a ra phng php khu hao la chn, u im ca phng php so vi cc phng php khc
NGM
N
Mi Ti NG
2 1
1
N iTi
N N
dcMi Gi T dcT T H
500 1 2% 5 11 200 *9% * 2 / 12
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1H
N
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Bi 2:Gi CIF 300 tr vay NH 200 trThu NK 90% ca gi mua thi gian vay 1/12 nmThu TTB 50% ca gi NK li su t vay 10% /nmCP v/c 25 tr thi gian s dng 5 nml ph trc b 13 tr
1. Nguyn gi : NG = 894.67 tr
2a. Khu hao theo phng php ng thng
178.93 tr
N Mi Kh u hao ly k Gi tr cn li1 178.93 178.93 715.732 178.93 357.87 536.803 178.93 536.80 357.874 178.93 715.73 178.935 178.93 894.67 0.00
2b. Kh u hao theo phng php t l KH gim d n
N Ti Mi Kh u hao ly k Gi tr cn li1 33% 298.22 298.22 596.442 27% 238.58 536.80 357.87
3 20% 178.93 715.73 178.934 13% 119.29 835.02 59.645 7% 59.64 894.67 0.00
15 100% 894.67
2c. Khu hao theo phng php s d gim dn c iu chnh
N Gi Tc Mi Kh u hao ly k Gi tr cn li1 894.67 40.0% 357.87 357.87 536.802 536.80 40.0% 214.72 572.59 322.083 322.08 40.0% 128.83 701.42 193.25
4 193.25 - 96.62 798.04 96.625 96.62 - 96.62 894.67 0.00
15
=> a ra phng php khu hao la chn, u im ca phng php so vi cc phng php khc
NGM
N
Mi Ti NG
dcMi Gi T dc1
T T HN
2 1
1
N iTi
N N
300 1 90% 1 50% 25 13 200*10%*1/12
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H
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Bi 3: n v trthng
ch tiu . 10 11 12 1 2 3
I,Thu
1.Doanh s BH 467.00 550.00 375.00 600.00 658.00 720.00
2.Bn chu 95%*(1) 443.65 522.50 356.25 570.00 625.10 684.002.1.Thu sau 1 thng 30%*(2)' - 133.10 156.75 106.88 171.00 187.53
2.2.Thu sau 2 thng 70%*(2)'' - - 310.56 365.75 249.38 399.00
3.Tr tin ngay 5%*(1) 23.35 27.50 18.75 30.00 32.90 36.00
Tng thu 23.35 160.60 486.06 502.63 453.28 622.53
II,Chi
4.Tr gi NVL mua (300.00) (320.00) (240.00) (360.00) (400.00) (400.00)
4.1.Tr tin ngay 50%*(4) (150.00) (160.00) (120.00) (180.00) (200.00) (200.00)
4.2.Tr sau 1 thng 50%*(4) - (150.00) (160.00) (120.00) (180.00) (200.00)
5.Tin lng CBCNV (140.00) (140.00) (140.00) (140.00) (140.00) (140.00)
6.Thu 10%*(1)'-(4)' - (16.70) (23.00) (13.50) (24.00) (25.80)7.Li vay (80.00) (80.00) (80.00) (80.00) (80.00) (80.00)
8.Tng chi (370.00) (546.70) (523.00) (533.50) (624.00) (645.80)
III.Chnh lch thu chi (346.65) (386.11) (36.95) (30.88) (170.73) (23.27)
IV.Tn qu - - - 25.00 (5.88) (176.60)
V.D phng - - - (50.00) (50.00) (50.00)
VI.S tin d sv mc tiu - - - (55.88) (226.60) (249.87)
Ch : S tin d phng trong tt c cc thng u l 50 (tr), Ti thng 1 s tin thiu ht so vi mctiu l 55.875 (tr) trong l c tin d phng 50 tr, khi tn qu u thng 2 s chl -55,875 - (- 50) = - 5.875 (tr), tng t sang cc thng sau cng nh vy
Ta thy: Ti hng IV l lng tin mt c sn ti thi im u mi thng trong trng hp ko sdng ngun ti tr mi.Chng hn: mc tn qu u thng 1 l 25 tr, s tin mt thm ht trong thng1 l -30.875tr, nh vy mc tn qu cui thng 1 chuyn sang thng 2 s l: -30.875 + 25 = - 5.875tr, Tng t i vi thng tip theoS tin c gi tr -55.875 tr ngha l trong c d phng -50 tr v -5.875 tr l mc tn qu cuithng 1
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:
D = 1500P = 200000
G mua : 760000C = 91200
Thi gian t hng = 4
1. Lng t hng t i u EOQ = 82
2. Mc t n kho bnh qun t i u EOQ/2 = 41
3. S n t ng D/EOQ = 19
4. T ng chi ph t hng trong nm D/EOQ * P = 3800000
5. T ng chi ph bo qun lu kho trong 1 nm EOQ/2 * C = 3739200
6. Chi ph t n kho trong 1 nm = CPt hng + CP bo qunD/EOQ * P + EOQ/2 * C = 7539200
7. im ti t hng = 17
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B i 5:
Chnh sch tn dng T l CK3/10 net 30 3%
2/20 net 40 2%
1/15 net 45 1%
2/15 net 40 2%
2/(100-2)*360/(40-20)=36.73%
1/(100-1)*360/(45-15)=12.12%
2/(100-2)*360/(40-15)=29.38%
CF do b qua khon chi t kh u3/(100-3)*360/(30-10)=55.67%
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B i 6:
1,Chi ph giao dch khi thanh ton vo ngy th 70
2,Chi ph ca giao dch khi thanh ton vo ngy th 60
%55.181070
360
3100
3
x
%26.221060
360
3100
3
x
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Bi 7: li su t nm : 8%Thi gian 0 1 2 PVB 1 160 160.00B 2 85 85 163.70B 3 48 49.5 82.5 164.56
B 1: T ng s ti n ph i thanh ton ngayPV1 = 150 + 10= 160 tr
B 2: S ti n phi thanh ton ngay: 85 trS tin tr 1 nm sau: 85trT ng s ti n phi thanh ton ngay:PV2 = 85+ 85/(1+8%) = 163.70 tr
: ng s t n p t an to n ngayPV3 = 48+49.5/(1+8%)+82.5/(1+8%) = 164.56 tr
Nh vy s tin phi thanh ton ngay ca bc in 1 l thp nht, ta s chn bc in 1
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Bi 8:
gi my 20 tr, tr u 6 tr, trong 5 nm
1. Xc nh li su t tr gp20 = 6 x vi n = 5
0 1 2 3 4 5-20.00 6.00 6.00 6.00 6.00 6.00
Li su t tr gp : i = 15.24%
2.Lch trnh thanh ton n
NmN gcu k
S tin trn mi k
Tr tin li Tr vn gcN gc cui
k
(1) (2) (3)(4) =
15.24%x (2)(5) = (3) - (4) (6) = (2) - (5)
1 20.00 6.00 3.05 2.95 17.05
2 17.05 6.00 2.60 3.40 13.65
3 13.65 6.00 2.08 3.92 9.72
4 9.72 6.00 1.48 4.52 5.21
5 5.21 6.00 0.79 5.21 0.00
30.00 10.00 20.00
3. Nu li sut cho vay trung hn i vi VND ca ngn hng trn thtrng hin ti l 8%/nm th cng ty nn vay ngn hng mua tr ngayv nu mua tr gp cng ty s phi chu li sut tr gp l 15.24%/nm
1
1
1
n
ti
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Bi 9 :li sut nm : 8%/nm => li sut tr hng qu : 2%S tin tra hng qu 201.T ng s ti n m cng ty s phi tr vo k 11 n u cha thanh ton 10 k trc FV =S qu phi thanh ton : 11
S qu phi thanh ton : 20 PV =2.Tng s tin cn n vo k 20 nu thanh ton 19 k trc ng hn
10 1020 (1 ) 20 20 (1 2%) 20 20 11, 1687 20 243, 374
1 1FV r x
t t
t t
20 20
1 1
20 20 20 20 20 20 16, 35141 1
347, 029
(1 2%) (1 2%)i i
i i
PV x
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$243.374
$347.029
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Bi 10:
Cng thc tng qutRe : li sut thc / nmi : Li sut danh nghak : k = 360/n hoc k = 12/t ( n,t l thi hn ca hp ng TD theo ngy, thng)-------------------------------------------------------------------------------------------------------------------
vay 550 trk hn 1/2 nm k = 2li sut n 15.00%li sut chit khu 11.20%li sut tnh thm 10.00%li sut khon k qu 9.00% 15%
Ngu n ti tr 1: vay vi li su t nli sut n 15% = li sut danh ngha
Chi ph tr li trong 6 thng l: 550 x 15% x 1/2 = 41.25Khon tin thc nhn : 550
Li su t thc/nm Re = 15.56%
Ngu n ti tr 2: vay vi li su t chi t kh u
Chi ph tr li trong 6 thng l: 550 x 11.20% x 1/2 = 30.8Khon tin thc nhn : 550 - 30.8 = 519.2
Li su t thc / nm: Re = 12.22%
Ngu n ti tr 3: vay vi li su t tnh thm
T ng s ti n g c v li khon va 550 + 550 x 10% x 1/2 = 577.5S ti n tr n hng thng : 577.5 : 6 = 96.25
550 = 96.25 x vi n = 6
0 1 2 3-550.00 96.25 96.25 96.25
i = 1.4121% => li su t thc ca thng
Li su t thc/ nm: Re = 18.32%
Ngu n ti tr 4: vay vi t l k qu
S tin li phi tr trong k hn: 550 x 9.00% x 1/2 = 24.75
S tin k qu: 550 x 15% = 82.50S tin thc nhn 550 - 82.50 = 467.50
Li su t thc/ nm Re = 10.87%
La chn ngun ti tr c Re thp nht : ngun ti tr 4
696.25
vi t l k qu
596.2596.25
4
k
e
iR (1 ) 1
k
1
1
1
n
ti
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Bi 11:
1. Xc nh s tin cng ty phi tr vo cui mi nm
320 = A x vi i = 8%n = 10
A = 47.69
2.Lch trnh thanh ton n
NmN gc u
kS tin tr n
mi kTr tin li Tr vn gc
N gc cuik
(1) (2) (3) (4) = 8%x (2) (5) = (3) - (4) (6) = (2) - (5)
1 320.00 47.69 25.60 22.09 297.91
2 297.91 47.69 23.83 23.86 274.05
3 274.05 47.69 21.92 25.77 248.29
4 248.29 47.69 19.86 27.83 220.46
5 220.46 47.69 17.64 30.05 190.41
6 190.41 47.69 15.23 32.46 157.95
7 157.95 47.69 12.64 35.05 122.90
8 122.90 47.69 9.83 37.86 85.04
9 85.04 47.69 6.80 40.89 44.16
10 44.16 47.69 3.53 44.16 0.00
476.89 156.89 320.00
1
1
1
n
ti
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Bi 12:
P 30000FC 179000000VC 18000
14917
Q = 20000 ta c EBIT = Q(P-VC) - FC = 61000000Q = 22000 ta c EBIT = Q(P-VC) - FC = 85000000
FCBE P VC
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Bi 13:
S lng bn Xc su t P 3000012000 4% 480 FC 25000000014916 4% 597 VC 1500016667 11% 183321000 60% 12600
22000 21% 4620
s lng bn bnh qun Q = 20131
16667
Vi chi ph nh bi 12 ta c EBIT = Q(P-VC) - FC = 20131*(30000-18000) - 179000000= 62572000
Vi chi ph nh bi 13 ta c EBIT = Q(P-VC) - FC = 20131*(30000-15000) - 250000000= 51965000
FCBE
P VC
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Bi 14:
Gi c phi u Po 250000 /c phi uC tc Do 20000 /c phi u => D1 = 21000t l tng trng k vng g 5% /nmchi ph pht hnh c phi u mi F 4% v n huy ng
Chi ph s dng v n b ng li nhun gi li = chi ph s dng v n c ph n thng =
Chi ph s dng v n c ph n mi
13.4%
13.75%
01
0 0
(1 )e
D gDK g g
P P
01
0 0 0
(1 )n
D gDK g g
P F P F
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Bi 15:
Hnh thc C cu t Hnh thc C cu t T trng Chi ph CP BQ
TSL 11.30 N ngn hn 10.69 32.74% 5.50% 1.80%
TSC 21.35 N di hn 9.46 28.97% 8.28% 2.40%
Vn CP u i 2.50 7.66% 13.50% 1.03%
Vn CP thng 10.00 30.63% 18.00% 5.51%
32.65 32.65 100% 10.75%
chi ph n di hn sau thu = 11.5% x (1-28%) = 8.28%
TI SN VN
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Bi 16: n v tr
0 1 2 3 4 5
(1,000) - - - - -
250 300 300 250 200
(70) (84) (84) (70) (56)
180 216 216 180 144
333.33 266.67 200.00 133.33 66.67
- - - - 10
- - - - -
(1,000) 513.33 482.67 416.00 313.33 220.67
Bng tnh kh u hao TSC
N Ti Mi Thu nhp
1 33% 333.33 513.33 513.33 486.67
2 27% 266.67 482.67 996.00 4.00
3 20% 200.00 416.00 1,412.00 > 1000 (412.00)
4 13% 133.33 313.33 1,725.33 (725.33)
5 7% 66.67 220.67 1,946.00 (946.00)
15 100% 1000 1,946
PBP = 2 + 0.01 = 2.01 < 3
Thu TN 28%
TN tch lys d cn thiu ca TN tch
ly so vi VT
Vn u t ban u = NG
Dng tin thun t d n
Gi thanh l TSC
Nm
Khu hao TSC
Li nhun sau thu (EAT)
Thu (T)
Li nhun trc thu (EBT)
Thu thanh l TSC
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Bi 17:
0 1 2 3 4 5
(100) - - - - -
30 26 22 20 20
(8.4) (7.3) (6.2) (5.6) (5.6)
21.6 18.7 15.8 14.4 14.4
20 20 20 20 20
- - - - -
- - - - -
(100) 41.6 38.7 35.8 34.4 34.4
Bng tnh kh u haoN Ti Mi Thu nhp Thu nhp tch ly1 20% 20 41.6 41.62 20% 20 38.7 80.33 20% 20 35.8 116.2 > 100
4 20% 20 34.4 150.65 20% 20 34.4 185.0
15 100% 100 185.0
PBP = 2 + 0.55 = 2.55 < 3
=> chp nhn u t d n
Thu TN 28%
Nm
NG
LNTT
Thu thanh l
chi ph sa cha thuc CPSX, khng lm thay i gi tr cn li ca TSC, nn khng thay i khu hao TSC
chi ph nng cp cng thuc CPSX, nhng lm thay i gi tr cn li ca TSC, nn thay i khu hao TSC
Dng tin thun
Thu
LNST
Khu hao
Gi thanh l
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Bi 18: Thu TN 28% i = 10%
Bc in 1 :0 1 2 3 4
(120) - - - -15 16 18 13
(4.20) (4.48) (5.04) (3.64)10.80 11.52 12.96 9.36
30 30 30 30
- - - 5- - - -
(120) 40.80 41.52 42.96 44.36
NPV1 =
NPV1 = 13.98 IRR1 = 15.20%
Bc in 2 :0 1 2 3 4 5
(200) - - - - -
24 26 24 22 18(6.72) (7.28) (6.72) (6.16) (5.04)
17.28 18.72 17.28 15.84 12.9640 40 40 40 40
- - - - 15- - - - -
(200) 57.28 58.72 57.28 55.84 67.96
NPV2 = 23.97 IRR2 = 14.50%
Kh u hao bc in 1 Kh u hao bc in 2N Mi N Mi
1 30 1 402 30 2 403 30 3 404 30 4 40
10 5 40
Kh u hao theo t l gim d n Thu TN 28%Bc in 1
0 1 2 3 4
(120) - - - -
15 16 18 13(4.20) (4.48) (5.04) (3.64)10.80 11.52 12.96 9.36
48 36 24 12- - - 5- - - -
(120) 58.80 47.52 36.96 26.36
NPV1 = 18.50 IRR1 = 18.02%
Bc in 20 1 2 3 4 5
NmVn u t = NGLNTT
Khu hao
ThuLNST
Khu haoGi thanh l
Thu thanh lDng tin thun
Nm
LNST
Vn u t = NG
LNTTThu
Thu
LNST
Khu hao
NG
LNTT
Gi thanh l
Thu thanh l
Gi thanh l
Thu thanh lDng ti n thu n
Nm
Dng ti n thu n
Nm
2 3 4
40.80 41.52 42.96 44.36120
(1 ) (1 ) (1 ) (1 )r r r r
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(200) - - - - -
24 26 24 22 18(6.72) (7.28) (6.72) (6.16) (5.04)17.28 18.72 17.28 15.84 12.96
40 32 24 16 8- - - - 15- - - - -
(200) 57.28 50.72 41.28 31.84 35.96
NPV2 = (30.92) IRR2 = 3.10%
Kh u hao bc in 1 Kh u hao bc in 2N Ti Mi N Ti Mi
1 40% 48 1 33.33% 40.02 30% 36 2 26.67% 32.03 20% 24 3 20.00% 24.04 10% 12 4 13.33% 16.0
10 100% 120 5 6.67% 8.0
15 100% 120
Kh u hao theo s d gim d n c i u chnh Thu TN 28%Bc in 1
0 1 2 3 4
(120) - - - -15 16 18 13
(4.20) (4.48) (5.04) (3.64)
10.80 11.52 12.96 9.3645.0 28.1 23.4 23.4
- - - 5- - - -
(120) 55.80 39.65 36.40 37.80
NPV1 = 16.65 IRR1 = 16.79%Bc in 2
0 1 2 3 4 5
(200) - - - - -24 26 24 22 18
(6.72) (7.28) (6.72) (6.16) (5.04)17.28 18.72 17.28 15.84 12.9680.0 48.0 28.8 21.6 21.6
- - - - 15- - - - -
(200) 97.28 66.72 46.08 37.44 49.56
NPV2 = 34.54 IRR2 = 17.84%
Kh u hao bc in 1 Kh u hao bc in 2N Gi Tc Mi N Gi Tc Mi1 120 37.5% 45.0 1 200 40.0% 80.02 75 37.5% 28.1 2 120 40.0% 48.03 46.9 - 23.4 3 72.0 40.0% 28.84 23.4 - 23.4 4 43.2 - 21.6
10 5 21.6 - 21.6
15
ThuLNST
Khu haoGi thanh l
NmNG
LNTT
Thu
NG
LNTT
Thu thanh lDng tin thun
Dng ti n thu n
NmNG
LNTT
LNST
Khu haoGi thanh l
Thu thanh l
Thu thanh lDng ti n thu n
ThuLNST
Khu haoGi thanh l
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Bi 18: khi c ti u t thu nhp bc in 1Thu TN 28%
Bc in 1 :0 1 2 3 4 5
(120) r = 10%15 16 18 13 i = 10%
(4.20) (4.48) (5.04) (3.64)10.80 11.52 12.96 9.36
30 30 30 30
5-
(120) 40.80 41.52 42.96 44.36 A
A =
NPV1 = 13.98 IRR1 = 15.20%
NPV1' = = 13.98
Bc in 2 :0 1 2 3 4 5
(200) - - - - -24 26 24 22 18
(6.72) (7.28) (6.72) (6.16) (5.04)17.28 18.72 17.28 15.84 12.96
40 40 40 40 40- - - - 15- - - - -
(200) 57.28 58.72 57.28 55.84 67.96
NPV2 = 23.97 IRR2 = 14.50%
Kh u hao bc in 1 Kh u hao bc in 2
N Mi N Mi1 30 1 402 30 2 403 30 3 404 30 4 40
10 5 40
Nm
Vn u t = NGLNTT
Thu
Dng tin thun
LNST
Khu haoGi thanh l
Thu thanh l
Nu lm cn bng tui th ca 2 d n trn, nh u t quyt nh ti u t ton b lung thu nhp thunhp c c qua cc nm bc in th 1 n nm th 5. Nh vy c hai d n u kt thc nm th 5.Tuy nhin nu trong trng hp t sut sinh li ca vic ti u t chnh bng chi ph s dng vn ca cng tyth NPV ca bc in 1 c ti u t s khng thay i so vi trng hp cha c ti u t.
NmVn u t = NGLNTT
ThuLNST
Khu haoGi thanh l
Thu thanh lDng tin thun
4 3 2 1
40.80 1 41.52 1 42.96 1 44.36 1i i i i
4 3 2 1
5
40.80 1 41.52 1 42.96 1 44.36 1120
1
i i i i
r
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Bi 19: Thu TN 28% Chi ph s dng v n 18%n v tr
0 1 2 3 4 5 6
(1,300)
(1,200)(100)
1,400 1,400 1,400 1,400 1,400 1,400(980) (980) (980) (980) (980) (980)
420 420 420 420 420 420(117.60) (117.60) (117.60) (117.60) (117.60) (117.60)
302.4 302.4 302.4 302.4 302.4 302.4200 200 200 200 200 200
100120
-
(1,300) 502.4 502.4 502.4 502.4 502.4 722.4
NPV = 538.69 IRR= 33%
NmVn u t
+ TSL
Doanh thu
Thu thanh l
Thu hi TSL
Dng ti n thu n
+ TSC
Chi ph
LNTT
ThuLNST
Khu hao
Gi thanh l
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Bi 20: Thu TN 28%
0 1 2 3 4 5 6
Vn u t tng thm (700)
(1,500)
800
144 144 144 144 144 560
(40.32) (40.32) (40.32) (40.32) (40.32) (156.80)
103.68 103.68 103.68 103.68 103.68 403.20
343.71 152.39 29.39 (49.68) (100.51) 82.34
(200)
(700) 447.39 256.07 133.07 54.00 (196.83) 485.54
N Ti Mi
1 35.70% 535.71 192.00 343.71 NPV = 483.60
2 35.70% 344.39 192.00 152.393 35.70% 221.39 192.00 29.394 35.70% 142.32 192.00 (49.68)5 35.70% 91.49 192.00 (100.51)6 - 82.34 0 82.347 - 82.34 0 82.34
Kh u hao my miN Mi Ti Mi Gi Tc Mi1 214.3 25% 375.0 1,500.0 35.7% 535.712 214.3 21% 321.4 964.3 35.7% 344.393 214.3 18% 267.9 619.9 35.7% 221.394 214.3 14% 214.3 398.5 35.7% 142.325 214.3 11% 160.7 256.2 35.7% 91.49
6 214.3 7% 107.1 164.7 - 82.347 214.3 4% 53.6 82.3 - 82.34
28 1500.0 100% 1500.0 1,500.0
Kh u hao my cN Mi Ti Mi Gi Tc Mi1 192 33% 320 960 40.0% 3842 192 27% 256 576 40.0% 230.43 192 20% 192 345.6 40.0% 138.24 192 13% 128 207.4 - 103.75 192 7% 64 103.7 - 103.7
15 960 100% 960 960
Khu hao tng thm
Gi thanh l tng thm
KH tngthm
Thu thanh l tng thm
Dng tin thun tng thm
Khu hao my mi KH myc
Nm
- Gi mua my mi
- Gi bn my c
LNTT tng thm
Thu tng thm
LNST tng thm
-
7/30/2019 24 bi tp Qun tr ti chnh ( gii )
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7
560
(156.80)
403.20
82.34
500
-
985.54
-
7/30/2019 24 bi tp Qun tr ti chnh ( gii )
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Bi 21:
0 1 2 3 4 5
V n u t tng thm (800)(1,280) - - - - -
480 - - - - -
146 146 146 336 336
(40.88) (40.88) (40.88) (94.08) (94.08)105.12 105.12 105.12 241.92 241.92
170.67 170.67 170.67 170.67 85.33
- - (96) - 540- - - - -
(800) 275.79 275.79 179.79 412.59 867.25
N Ti Mi
1 33.33% 426.67 256.00 170.67 NPV = 634.01
2 26.67% 341.33 170.67 170.673 20.00% 256.00 85.33 170.674 13.33% 170.67 0 170.675 6.67% 85.33 0 85.33
100.00%
LNST tng thmKhu hao tng thm
Gi thanh l tng thm
Dng ti n thu n tng thm
Khu hao my mi KH myc
KH tngthm
Nm
+ Gi mua my mi+ Gi bn my cLNTT tng thm
Thu thanh l tng thm
Thu tng thm
-
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Bi 22:
0 1 2 3 4 5
(1,280) - - - - -
(320) - - - - -
480 480 480 480 480
480 480 480 480 480
(134.40) (134.40) (134.40) (134.40) (134.40)
345.6 345.6 345.6 345.6 345.6640.0 384.0 230.4 172.8 172.8
-
-
(1,600) 985.60 729.60 576.00 518.40 518.40
Thu TN 28%Kh u hao NPV1 = 741.59
N Ti Mi Gi Tc Mi1 320 33% 533.3 1,600.0 40.0% 6402 320 27% 426.7 960.0 40.0% 384.0
3 320 20% 320.0 576.0 40.0% 230.44 320 13% 213.3 345.6 - 172.85 320 7% 106.7 172.8 - 172.8
15 1600 100% 1600 1,600
Nu khu hao theo phng php ng thng0 1 2 3 4 5
(1,280) - - - - -(320) - - - - -
(480) (480) (480) (480) (480)480.0 480.0 480.0 480.0 480.0
(134.40) (134.40) (134.40) (134.40) (134.40)345.6 345.6 345.6 345.6 345.6
320.0 320.0 320.0 320.0 320.0- - - - -- - - - -
(1,600) 665.60 665.60 665.60 665.60 665.60
Thu TN 28%NPV2 = 631.19
Khu hao tng thmGi thanh l
Thu thanh lDT thun tng thm
Kh u hao T
Gi thanh l
LNTT tng thmThu tng thmLNST tng thm
NmGi mua bng chuynCP vn chuyn lp tChi ph tng thm
Nm
Gi mua bng chuyn
CP vn chuyn lp t
CP SX tng thm
Thu thanh l
DT thun tng thm
LNTT tng thm
Thu tng thm
LNST tng thmKhu hao tng thm
-
7/30/2019 24 bi tp Qun tr ti chnh ( gii )
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Bi 23:
0 1 2 3 4 5
(1,000) - - - - -800 - - - - -
300 300 300 300 300(200) (200) (200) (200) (200)
(80) (64) (48) (32) (16)20 36 52 68 84
(5.60) (10.08) (14.56) (19.04) (23.52)14.40 25.92 37.44 48.96 60.48200.0 200.0 200.0 200.0 200.0
(160.0) (160.0) (160.0) (160.0) (160.0)- - - - -- - - - -
(200) 54.40 65.92 77.44 88.96 100.48
Li sut vay 10%
Thu TN DN 28% NPV = 62.53
Bng thanh ton n (tr ring li v g c)Nm Ti n li Ti n g c
(1) (3)=12%*(2) (4)
1 80 1602 64 160
3 48 1604 32 1605 16 160
240 800
NmNguyn gi
Vay ngn hng
LNTT
Thu thanh lDng ti n thu n
Doanh thu
Khu hao
Li vay
Tr vn gc tin vay
ThuLNST
Khu hao
Gi thanh l
D n cu i kD n u k
480
320
800640
480
(2) (5)=(2)-(4)
160
640
1600
320
-
7/30/2019 24 bi tp Qun tr ti chnh ( gii )
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Bi 24:1. ROA: t sut sinh li ca ti snROE: t su t sinh li v n ch s hu
ROA = ROE =
Nm
Ti sn
Doanh thu
LN thun
N/ tng vn
VCSH 75%x910 = 682.50 75%x1000 = 750.00 75%x1080= 810.00 75%x1300 = 975.00
ROA 130/910 = 0.14 -100/1000 = -0.10 200/1080 = 0.19 210/1300 = 0.16
ROE 130/682.5 = 0.19 -100/750 = -0.13 200/810 = 0.25 210/975 = 0.22
DTT/TS 1560/910 = 1.71 1610/1000= 1.61 1860/1080 = 1.72 2130/1300 = 1.64
2. Nu h s n ca cng ty mi nm u l 50% th ROE, ROA thay i:
ROA s khng thay i do ti sn khng thay iROE s thay i do vn ch s hu thay i
Ch tiu
VCSH 50%x910 = 455.00 50%x1000 = 500.00 50%x1080 = 540.00 50%x1300 = 650.00
ROA
ROE
X+1 X+2 X+3 X+4
X+1 X+2 X+3 X+4
1000
1610
-100
30%
910
1560
130
25%
210200
35% 40%
1080
1860
1300
2130
ko i ko i
0.30.37
ko i
0.286
ko i
-0.2
TS
LNST
VCSH
LNST