问题 问答题


2009年初,某业主拟建一年产15万t产品的工业项目。已知2006年已建成投产的年产12万t产品的类似项目,投资额为500万元。2006~2009年每年平均造价指数递增3%。
拟建项目有关数据资料如下:
1.项目建设期为1年,运营期为6年,项目全部建设投资为700万元,预计全部形成固定资产。残值率为4%,固定资产余值在项目运营期末收回。
2.运营期第1年投入流动资金150万元,全部为自有资金,流动资金在计算期末全部收回。
3.在运营期间,正常年份每年的营业收入为1000万元,总成本费用为500万元,经营成本为350万元。营业税及附加税税率为6%,所得税率为25%,行业基准投资回收期为6年。
4.投产第1年生产能力达到设计生产能力的60%,营业收入与经营成本也为正常年份的60%。总成本费用为400万元。投产第2年及第2年后各年均达到设计生产能力。
5.为简化起见,将“调整所得税”列为“现金流出”的内容。

编制融资前该项目的投资现金流量表,将数据填入答题纸表1-1中,并计算项目投资财务净现值(所得税后)。

答案

参考答案:

解析:编制融资前该项目的投资现金流量表,见表1-7。

表1-7 项目投资现金流量表 (单位:万元)

序号项目合计计算期/年
1234567
1现金流入60010001000100010001178
1.1营业收入 60010001000100010001000
1.2回收固定资产余值28
1.3回收流动资金150
2现金流出700437520520520520520
2.1建设投资700
2.2流动资金150
2.3经营成本210350350350350350
2.4营业税金及附加366060606060
2.5调整所得税41110110110110110
3所得税后净现金流量-700163480480480480658
4累计所得税后净现金流量 -700-537-5742390313832041
折现净现金流量折现系数(i=10%)0.9090.8260.7510.6830.6210.5640.513
所得税后折现净现金流量-636.3134.64360.48327.84298.08270.72337.55
累计所得税后折现净现金流量-636.3-501.66-141.18186.66484.741093.01

项目投资财务净现值(所得税后)为1093.01万元。

阅读理解

On any weekend throughout the year one can spend hours browsing through neighborhood flea (跳蚤) markets. These are very popular for those who are in search of bargains and who have a keen eye for picking through what others have discarded. They hunt and search for something they can reuse. Americans love secondhand merchandise (商品) which can be bought cheaply and restored to its original use. In many cases the condition and the quality are still good, though the style might be outdated.

For some people searching through flea markets is a hobby which reaps rewards. They look for possible antiques among the items for sale or for old furniture which can be restored with a little care and used again. Many wise collectors often find rare items worth much more than their bargained price. Since prices are usually not fixed, if one is persistent a bargain can easily be struck. The owner may be selling a rare collectable and may not even be aware of its value. One of the great pleasures of shopping at such markets is the chance to bargain with the shop owner and settle for a price which one can afford and is willing to pay.

Perhaps even more enjoyable than flea markets are the weekend outdoor garage sales which have now become very much a part of American culture. These are held usually in the spring and fall when the weather is still good. Usually a homeowner, having decided that he would like to clear his residence of accumulated items which are no longer useful to him, advertises in a local paper that he is holding a garage sale. More than likely the goods on display are in good condition and great buys can be found if one has the time and patience to search carefully. The home owner places items for sale on display along the driveway leading to his garage or on his front lawn and waits for people to look at what he has to sell. Old magazines, books, paintings, bicycles, ice-skates, items of clothing and electrical appliances of every sort appear on a regular basis. If the owner is in a position where he must sell his home or plans to move soon, then he may be forced to practically give things away at a price far below their true worth.

1. What do you usually do before holding a garage sale?

A. Put on an advertisement in a local newspaper.  

B. Display your goods in front of the garage.

C. Find rare items and fix their prices.         

D. Clear your garage and front lawn.

2. The underlined word “discarded” in Paragraph 1 probably means ____.

A. distributed                B. rejected               C. discovered          D. stored

3. When people shop at a flea market, how can they settle on a price?

A. They can bargain on a price acceptable to both. B. They can question their value.

C. They can expect a 50% discount.             D. They can compare with the other sellers.

4. What do we know about the garage sale?

A. It is only held in the spring of the year.

B. The goods on display are totally useless.

C. Garage sales are popular with Americans.  

D. All the goods are selling far below their real value.

多项选择题