chapter04appendix
DEFERRED TAXES AND ACCELERATED DEPRECIATIONAn Example2006 P&L for tax purposes 2006 P&L for reporting purposesSales 1000 Sales 1000Costs 500 Costs 500Depreciation 300 Depreciation 250PBT 200 PBT 250Taxes (40%) 80 Taxes (40%) 100PAT 120 PAT 150Cash flowPAT 120 Book value of equityPurchase price 2,000AssetsCash 8,500 权益的账面价值收购价格 2,000资产现金 8,500 Book value of equityBs assets are revaluedPurchase price 2,000Revaluation of Bs assetsCurrent assets worth 1,200Fixed assets worth 1,500AssetsCash 8,500 权益的账面价值B公司资产重估收购价格 2,000B公司的资产重估流动资产的价值 1,200固定资产的价值 1,500资产现金 8,500 - =B4+E4-B24流动资产 13,200 - =B5+B27固定资产原值 11,500 - =B8+B28累计折旧 -3,000 - =B9净值 8,500 - =B35+B36商誉 600 - =B24-SUM(E17:E18)-(B27-E5)-(B28-E10)总资产 30,800 - =B37+B32+B31+B38负债和股东权益流动负债 10,800 - =B14+E14债务 4,000 - =B15+E15所有者权益普通股 2,000 - =B17累计留存收益 14,000 - =B18商 誉 =+ 购 买 价 超 过 账 面 价 值 的 部 分- 重 估 超 过 原 来 账 面 价 值 的 部 分A B C D E1234567891011121314151617181920212223242526272829303132333435363738394041424344454647总负债 30,800 - =SUM(B43:B47)A B C D E48MINORITY INTERESTCompany A Company BProfit and loss Profit and lossSales 1000 Sales 100COGS 500 COGS 55Depreciation 100 Depreciation 8Interest 50 Interest 2PBT 350 PBT 35Taxes 140 Taxes 14PAT 210 PAT 21Retained 210 Retained 21Assets Liabilities AssetsCash 100 CL 300 Cash 10CA 500 Debt 500 CA 50NFA 1000 Equity 800 NFA 100Total assets 1600Total liabilities 1600 Total assets 160Consolidation-100% ownershipProfit and loss Assets LiabilitiesSales 1100 Cash 110 CL 330COGS 555 CA 550 Debt 520Depreciation 108 NFA 1100 Equity 910Interest 52 Total assets 1760 Total liabilities 1760PBT 385Taxes 154PAT 231Retained 231 - =B11+G11Consolidation-90% ownershipProfit and loss Assets LiabilitiesSales 1100 Cash 110 CL 330COGS 555 CA 550 Debt 520Depreciation 108 NFA 1100 Minority interest 11Interest 52 Equity 899PBT 385 Total assets 1760 Total liabilities 1760Taxes 154PAT 231 - =B10+G10Minority interest 2.1 - =10%*G10Retained 228.9 - =B39-B40A B C D E F G1234567891011121314151617181920212223242526272829303132333435363738394041LiabilitiesCL 30Debt 20Equity 110Total liabilities 160- =D14+I14- =D15+I15- =D16+I16- =D17+I17- =10%*I16- =D16+I16-G35MINORITY INTERESTCompany BConsolidation-100% ownershipConsolidation-90% ownershipH I1234567891011121314151617181920212223242526272829303132333435363738394041少数股东权益A公司 B公司利润和亏损 利润和亏损销售 1000 销售 100销售成本 500 销售成本 55折旧 100 折旧 8利息 50 利息 2税前利润 350 税前利润 35税收 140 税收 14税后利润 210 税后利润 21留存 210 留存 21资产 负债 资产现金 100 流动负债 300 现金 10流动资产 500 债务 500 流动资产 50固定资产净值 1000 权益 800 固定资产净值 100总资产 1600总负债 1600 总资产 160综合- 100的股权利润和亏损 资产 负债销售 1100 现金 110 流动负债 330销售成本 555 流动资产 550 债务 520折旧 108 固定资产净值 1100 权益 910利息 52 总资产 1760总负债 1760税前利润 385税收 154税后利润 231留存 231 - =B11+G11综合- 90的股权利润和亏损 资产 负债销售 1100 现金 110 流动负债 330销售成本 555 流动资产 550 负债 520折旧 108 固定资产净值 1100 少数股东利息 11利息 52 权益 899税前利润 385 总资产 1760总负债 1760税收 154税后利润 231 - =B10+G10少数股权 2.1 - =10%*G10留存 228.9 - =B39-B40A B C D E F G1234567891011121314151617181920212223242526272829303132333435363738394041负债流动负债 30债务 20权益 110总负债 160- =D14+I14- =D15+I15- =D16+I16- =D17+I17- =10%*I16- =D16+I16-G35少数股东权益B公司综合- 100的股权综合- 90的股权H I1234567891011121314151617181920212223242526272829303132333435363738394041
