财务高效管理基础 外文版.ppt

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1、CapitalBUDGETSAnalysis成本-數量-利潤分析弗兰克唐英年韦德博士Dr.FRANKHENRYWADE，CPA，CIA，CMA，CISA莆田学院，中国PutianUniversity,ChinaSTFINANCING1.TradeCredit:FromSuppliers2.BankFinancing3.BABankacceptance:Holder3.CommercialPaper:STloansunsecured4.LetterofCredit:3rdpartypays2ndpartyfor1st,whendocuments,conditionsaremetSHORTTER

2、MFinancingChapter111.TradeCreditasFinancing:Paybillsonlastdayofperiod.2.“Leaningonthetrade3.SecurityCollateralPg2934.UCC-Allstatesthesame5.InventoryBackedLoansA)FloatingLein-UCCpledgeInventoryingeneral,notIDedB)ChattelMortg:Identifiablesecurityonpersonalproperty(Notrealestate)C)TrustReciept:IDInven

3、toryandthesalefundsgotoholderD)WarehouseReciept-Terminal:Lenderstoresgoodsinpublicwharehousesecuredbypaper,negotiableornon-negotiableE)WarehouseReciept-Field:SameasDbutinaprivatewarehouse,inventoryseparatefromlendersinventory(undercontrolofwarehouseController)FACTORINGF)Factoring:SellingofReceviabl

4、estoaBank,withoutrecourse.Factoringcostscomeoutofdiscount.Note1-$4,000($100,000.086/12)Note2-$375($15,000.1275/360)Note3-$150($10,000.0960/360)Note4-$1,250($50,000.103/12)CASH(104x.9)93,600DiscountExpense10,400NR100,000InterestRevenue4,000($100,000.086/12)DRCASH(15,375x.9)13,837.5DRDiscou

5、ntExpense1537.5CRNR15,000CRInterestRevenue375Note2-$375($15,000.1275/360)DRCASH(10,150x.9)9,135DRDiscountExpense1015CRNR10,000CRInterestRevenue150Note3-$150($10,000.0960/360)CASH(51250x.9)46,125DiscountExpense5,125NR50,000InterestReceviable1,250($50,000.103/12)COMPARISONOFSTFINANCING:Pg305Ann

6、ualizeCostofNottakingDiscount%discount/100-%discountx365/pymtdate-discountperiodEx2/10net/30;2/98x365/20=.372MaintainingDemandDepositsPg291IntPaid+FeesPaid/Usablefundsx365/numberofdaysloano/s4PcsofINFO:PI,Years,Investmt,HurdlerateAnInvestmentofXhasaPIofYforZyearsandahurdlerateof10%WhatistheNPV?What

7、isitPVofGrossfutureannuityflows?Whatisitsannualannuityflows??WhatisitsIRR?WhatisitsPaybackperiodStep1.PI=NetPresentValueofFlows/InvestmentRequired=PI.Step2.Npvofflows+InitialInvestment=PVoffutureannuity(Gro