24 bài tập quản trị tài chính ( giải )

7/30/2019 24 bi tp Qun tr ti chnh ( gii )

1/30

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


2/30

1H

N


3/30

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


4/30

H


5/30

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


6/30

:

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


7/30

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%


8/30

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


9/30

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


10/30

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


11/30

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


12/30

$243.374

$347.029


13/30

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


14/30

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


15/30

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


16/30

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


17/30

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


18/30

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


19/30

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


20/30

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


21/30

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


22/30

(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


Dng ti n thu n

NmNG

LNTT

LNST

Khu haoGi thanh l

Thu thanh l


ThuLNST

Khu haoGi thanh l


23/30

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


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


24/30

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


25/30

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


26/30

7

560

(156.80)

403.20

82.34

500

-

985.54


27/30

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


28/30

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


29/30

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


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


30/30

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

24 bài tập quản trị tài chính ( giải )

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