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1. Answer: B

Initial amount of investment 160,000

Less Cash inflow (decrease in outflow) at period 0:

MV of old equipment 80,000

Tax benefits on loss on sales (20,000 x .4) 8,000 88,000

Net investment 72,000

2. Answer: D

ATCF = Net investment ÷ Payback period

ATCF (840,000 ÷ 3.326) 252,555

Net income (252,555 – 140,000) 112,555

Before-tax income (112,555 ÷ 0.60) 187,592

Before-tax savings (187,592 + 140,000) 327.592

The computation of after-tax cash flows, given the amount of investment and internal rate of return or PV of

annuity of 1 discounted at IRR is the reverse of the computation of payback period. Remember that the

payback method, though a nondiscounted technique, is closely related to internal rate of return because the

payback period is exactly the present value of annuity of 1 if they are discounted using the internal rate of

return.

3. Answer: A

Annual savings on expenses P50,000

Less: Additional depreciation (40,000 – 25,000) 15,000

Additional taxable income 35,000

Additional tax (35,000 x 40%) P14,000

Additional depreciation can be easily calculated by subtracting the book value of the old machine from the

cost of new machine and then the difference divided by the useful life (160,000 – 100,000) ÷ 4 = 15,000.

4. Answer: B

Year SYD Straight Line Difference Present Value

1 2,000,000 1,200,000 800,000 727,280

2 1,600,000 1,200,000 400,000 330,560

3 1,200,000 1,200,000 - 0

4 800,000 1,200,000 (400,000) (273,200)

5 400,000 1,200,000 (800,000) (496,720)

Total present value of difference in depreciation 287,920

Tax Rate 40%

Present value of net advantage 115,168

5. Answer: B

SYD SL Difference Present Value

1 150,000 90,000 60,000 53,568

2 120,000 90,000 30,000 23,916

3 90,000 90,000 - 0

4 60,000 90,000 (30,000) (19,066)

5 30,000 90,000 (60,000) (34,046)

Total of present values of depreciation 24,372

Tax rate 40%

Present value of net advantage 9,749

SYD method provides a higher present value on tax benefits because of less amount of tax during year 1 & 2.

In year 4 and 5, the use of SYD requires higher taxes but their equivalent present values are lower already.

6. Answer: D

Annual cost savings 90,000

Less depreciation (432,000 ÷ 12) 36,000

Annual income 54,000

Simple Rate of Return: 54,000 ÷ 432,000 12.5 %

7. Answer: A

The useful life of the project can be calculated by using the computational pattern for Accounting Rate of

Return:

Net investment 106,700

Divide by Depreciation expense

CFAT 20,000

Less: Net income (106,700 x 5%) 14,665 5,335

Average life (in years) 7.28

* 10% ARR based on average investment = 5% ARR based on initial investment

8. Answer: B

ARR = Average annual net income ÷ Average Investment

Annual after-tax cash flow 40,000

Less Depreciation 20,000

Net Income 20,000

Divide by Average Investment (200,000 + 180,000)/2 190,000

ARR: 10.5%

The problem asked for the average accounting rate of return for the first year of asset’s life.

9. Answer: D

The average (accounting) rate of return is determined by dividing the annual after-tax net income by the

average cost of the investment, (beginning book value + ending book value)/2.

After tax income (P7,200 - (P7,200 x 30%)) P 5,040

Average investment: (P66,000 + 16,000) ÷ 2 P41,000

Accounting rate of return: P5,040/P41,000) 12.3%

10. Answer: A

(ATCF – Depreciation) ÷ Initial investment = Accounting Rate of Return

Let X = Initial investment

(66,000 – 0.10X) ÷ X = 0.12

66,000 - .10X = .12X

.22X = 66,000

X = 300,000

11. Answer: A

Net Income: = 66,000 - .10X

AAR = NI/ Investment

.12 = (66,000 - .10X) / X

.12X = 66,000 - .10X

.22 X = 66,000

X = 300,000

12. Answer: D

Net Income (280,000 x 15%) 42,000

Add back depreciation 35,000

ATCF 77,000

13. Answer: B

Payback period = Initial amount of investment ÷ Annual after-tax cash flows

P35,000 ÷ P5,000 = 7 years

14. Answer: B

Net investment 50,000

Divide by CFAT (10,000 x 0.7) ÷ (50,000 ÷ 8 x 0.3) 8,875

Payback period 5.6 years

15. Answer: D

Cumulative cash flows end of Year 1 (450,000) – 254,520 (195,480)

Discounted cash flow for Year 2 173,460

Cumulative cash flows, end of Year 2 ( 22,020)

Break-even time 2 + (22,020 ÷ 105,140) 2.21 years

16. Answer: D

Cost of the new machine 400,000

Salvage value of old machine at period zero 60,000

Net investment (Outflows) 340,000

Divide by cash flow after tax 90,000

Payback period 3.78 years

17. Answer: B

Cash Inflow Unrecovered Outflow

Outflows (4,500,000)

First year 900,000 (3,600,000)

Second year 1,200,000 (2,400,000)

Third year 1,500,000 ( 900,000)

Fourth year 900,000 0

Payback Period: At the end of 4 periods, the initial outflows are fully recovered.

Note to the CPA Candidates: A modified question for this problem is to compute the Present Value of the net

advantage of using sum-of-the-years’ digits of depreciation instead of straight-line method.

18. Answer: C

Cash inflows Investment

Period 0 (99,300)

Period 1 (75,000 – 25,000) x .6 30,000 (69,300)

Period 2 ( 30,000 x 1.10) 33,000 (36,300)

Period 3 (33,000 x 1.10) 36,300 -0-

At the end of the third year, investment is fully recovered.

The net investment of 99,300 is net of tax benefit, (165,500 x .6)

19. Answer: C

Before-tax cash flow = 40,000 + 35,000 75,000

Payback period: 300,000 ÷ 75,000 4 years

20. Answer: C

There are two cash flows at time zero: P120,000 outflow and P14,000 inflow.

Net cash outflow (120,000 – 14,000) = 106,000

21. Answer: C

Computation of Cash Flow After-tax

CFBT 100,000 x 0.7 70,000

Depreciation tax shield 62,500 x 0.3 18,750

CFAT 88,750

Computation of Net Present Value:

PV of ATCF: 88,750 x 5.747 510,046

PV of After-tax Salvage Value: 20,000 x 0.70 x 0.54 7,560

Total 517,606

Investment 500,000

Net Present Value 17,606

The problem assumed that the salvage value is ignored in the computation of annual depreciation so that the

annual cash flows will be greater. The problem did not include among the choices the assumption that

salvage value will be deducted from the cost in computing the amount of annual depreciation.

22. Answer: B

Annual revenues 400,000

Less cash operating costs 104,800

Cash flow before tax 295,200

Less Depreciation (1M ÷ 5) 200,000

Income before tax 95,200

Less income tax (40%) 28,080

Net income 57,120

Add back depreciation 200,000

ATCF 257,120

PV of ATCF, n=5; k=10% 257,120 x 3.7908 974,690

Investment 1,000,000

Negative Net Present Value ( 25,310)

The manner of financing the project is not considered in the analysis of capital investment. Investment

must be separate from financing. It is a normally committed error in the application of capital budgeting

techniques where financing strategy is considered. The explicit or implicit cost of financing the project is

taken care of the discounting process.

23. Answer: A

Present value of cash returns: (30,000 x 0.90909) x 5 periods 136,364

Net investment 99,300

Net present value 37,064

Note: Because the constant growth rate and the discount rate are both 10%, the present value for each

period is constant.

24. Answer: B

Savings (2 workers, each P10,000 for 3 months) 2 x P10,000 x 3 P60,000

Depreciation (175,000 – 25,000) ÷ 5 years P30,000

After-tax cash savings: (60,000 x 0.75) + (30,000 x 0.25) P52,500

Present value of after-tax cash savings (52,500 x 3.60478) P189,250

Present value of Salvage Value (25,000 x 0.56743) 14,186

Total 203,436

Investment 175,000

Net Present Value P 28,436

25. Answer: B

Computation of net investment:

Cash purchase price 300,000

Less: MV of old machine 80,000

Tax shield on loss on sale (40,000 x 0.32) 12,800 92,800

Net investment 207,200

Additional depreciation (300,000 – 120,000) ÷ 4 45,000

Additional taxable income 35,000

Less Additional tax (35,000 x 0.32) 11,200

Net income 23,800

Add back depreciation 45,000

After-tax cash flow 68,800

Alternative computation for ATCF:

(80,000 x 0.68) + (45,000 x 0.32) 68,800

Present value of ATCF (68,800 x 3.23972) 222,893

Investment 207,200

Net Present Value 15,693

26. Answer: B

PV of annual cash receipts 1,200,000 x 2.58872 3,106,463

PV of salvage value 650,000 x 0.48225 313,462

PV of return of working capital 1,000,000 x 0.48225 482,250

Cost of new equipment and timbers (2,750,000)

Working capital (1,000,000)

PV of cost of construction of road 400,000 x .5787 ( 231,480)

Negative net present value (79,303)

27. Answer: B

Period Nominal Cash Savings PV Factor Present

Value

1 32,000 0.87790 28,070.08

2 32,000 x 1.05 33,600 0.76947 25,854.19

3 32,000 x 35,280 0.67497 23,812.94

1.052

4 32,000 x 37,044 0.59208 21,933.01

1.053

Total 99,670.22

Investment 80,000.00

NPV 19,670.22

Note that all the annual cash inflows are adjusted by one period.

28. Answer: B

The solution used total analysis approach in computing present value.

Retain the Old Machine:

Present value of annual cash outlay

CFAT (300,000 x P0.38) + P21,000 = P135,000

PVCFAT (135,000 x 3.6847) P497,435

Present value of salvage value (7,000 x 0.41044) ( 2,873)

Total P494,562

Present Value of Annual cash outlay

CFAT (300,000 x P0.29) + P11,000 = P98,000

PVCFAT P98,000 x 3.6847) P361,100

Salvage value of new machine, end of 6 years(P20,000 x 0.41044) ( 8,209)

Investment in new machine (120,000 – 40,000) 80,000

Total P432,891

29. Answer: B

The purpose of profitability index is to compare two projects’ profitability by reducing the present value per 1

peso of investment. Therefore, the ratio of 4.35526 @ 10% to 4.11141 @ 12% indicated the profitability

index.

Profitability index: 4.35526/4.11141 = 1.06

30. Answer: B

PV of annuity of 1 at IRR ∑(1 ÷ 1.12386)5 3.57057

PV of annuity of 1 at MCC ∑(1 ÷ 1.11055)5 3.69079

After-tax cash flows 10,000 ÷ (3.69079 – 3.57057) 83,180.84

Investment: 83,180.84 x 3.57057 297,000

Profitability index (297,000 + 10,000) ÷ 297,000 1.034

A shorter calculation of the Profitability Index can be made by:

3.69079 ÷ 3.57057 = 1.034

31. Answer: D

In discounting the annual cash inflow by the IRR, the NPV = P0

The net present value of ZERO is 14% and 16%. For better time management, the candidate is expected not

to do detailed calculation of finding out the exact rate.

The use of interpolation indicated that the IRR is 15.3%:

Discount Rate Net Present Value

0.14 1,197

IRR 0

0.16 -708

(0.14 – IRR) ÷ -.02 = 1,197 ÷ 1905

(0.14 – IRR) ÷ - .02 = 0.628

(0.14 – IRR) = 0.628 x -0.02

0.14 – IRR = 0. 013

IRR = 0.153 or 15.30%

Note: Since at the IRR, NPV is zero, the answer can only be between 14% & 16%, since only one of the

choices, satisfy the criteria, the answer is (D).

32. Answer: B

The payback period that corresponds to the project’s internal rate of return of 12 percent is 4.968.

Therefore, the amount of investment must equal the product of the payback period and the net cash flows:

Investment: (4.968 x 20,000) = P99,360

33. Answer: D

The amount of investment: the PV of annuity at IRR

4.355 x 6,000 = 26,130

34. Answer: C

Present value of cash inflows equals amount of investment at 10% IRR.

P20,000 x 3.791 = P75,820

35. Answer: A

ATCF: P1,500,000/3.60472 416,121

Depreciation 300,000

Net income: 416,121 – 300,000 116,121

Before-tax income: 116,121/0.60 193,535

Fixed costs 500,000

Contribution margin: 193,535 + 500,000 693,535

Unit sales 693,535 ÷ (100 - 60) 17,338

36. Answer: B

Contribution margin (per No. 23) 693,535

Divide by sales volume ÷ 20,000

Contribution margin per unit P34.68

Add variable cost per unit 60.00

Selling price per unit P94.68

Alternative Solution:

Cash inflow before tax based on present price: (20,000 x 40) – 200,000600,000

After-tax cash inflow (600,000 x 0.6) + (300,000 x 0.4) 480,000

Present value of ATCF (480,000 x 3.60478) 1,730,294

Investment 1,500,000

Net present value (present price) 230,294

Annual excess ATCF due to excess price (230,294 ÷ 3.60478) 63,885

Before-tax excess cash inflow (63,885 ÷ 0.6) 106,475

Excess selling price: 106,475 ÷ 20,000 5.32

Reduced selling price to achieve IRR of 12% (100 – 5.32) 94.68

37. Answer: C

Annual after-tax cash flow 500,000/5.6502 88,492

Depreciation 500,000/10 50,000

Net income 38,492

Income before tax 38,492/0.6 64,154

Depreciation 50,000

Cash savings before tax: 64,154 + 50,000 114,154

38. Answer: A

The amount of annual cash flows can be solved by equation:

NPV = PV of annual CF – Investment

1,750 = 2.4771CF – 2.4018CF

1,750 = 0.1753CF

CF = 9,980

39. Answer: A

Investment 120,000

Less Present value of salvage value (12,000 x 0.3855) 4,626

Present value of Annual Cash Inflows 115,374

Minimum Annual Cash Flows (115,374 ÷ 6.1446) 18,776

40. Answer: B

Present value of annual cash flows at IRR (81,000 x 4.639) 375,759

Investment 81,000 x 4.344 351,864

Difference 23,895

Annual increase in cash flows 23,895/4.344 5,501

41. Answer: A

Investment (Total of present value @ IRR of 12%) 50,000

Less PV, year 1 & 2 (16,074 + 17,534) 33,608

PV of the 3rd cash flow 16,392

After-tax cash flow, third year 16,392/0.712 23,022

42. Answer: B

The net present value = PV of excess salvage value less PV of decrease in after-tax cash flow

Let X = the excess salvage value

7,003 = 0.56743X – [3.60478 x (0.2X * 0.4)

7,003 = 0.56743X – 0.2883824X

7,003 = 0.2790476X

X = 25,096

Required salvage value: 50,000 – 25,096 = 24,904

43. Answer: B

Cost of equipment 750,000

Less PV of tangible benefits 100,000 x 5.01877 501,877

PV of annual intangible benefits 248,123

Amount of annual intangible benefits 248,123/5.01877 49,440

44. Answer: B

To be acceptable, the project should yield a net present value of zero. The negative net present value must

be offset by the present value of annual intangible benefits.

Present value of intangible benefits P184,350

PV of annuity of 1 at 10% for 10 years ÷ 6.145

Annual net intangible benefits P30,000

45. Answer: A

The indifference rate (crossover or fisher rate) refers to the rate at which the net present values of the 2

alternatives are indifferent or equal.

The easier test of the rate is to look for IRR (using trial and error technique) of the investment difference.

Difference 80,000 – 48,000 35,225

PV inflows ∑(3,200 ÷ 1.1264)6 (12,922)

PV inflows ∑(15,200 ÷ 1.1264)10-6 (22,303)

Difference NIL

Alternative Solution:

Project X Project Y

PV of after-tax cash flows

∑(12,000 ÷ 1.1264)6 48,455

∑(15,200 ÷ 1.1264)10 83,680

Investment 48,000 83,225

Net Present Value 455 455

46. Answer: B

The determination of the indifference point, which is 10%, for the two projects can be made through the use

of trial and error estimation.

Machine 1 Machine 2

PV of Difference in ATCF

Year 1 155,000 ÷ 1.10 140,909.10 (140,909.10)

Year 2 (110,000 ÷ 1.10)2 ( 90,909.10) 90,909.10

Net difference 50,000.00 ( 50,000.00)

Difference in investment ( 50,000.00) 50,000.00

NPV NIL NIL

47. Answer: C

15% Discount Rate

Machine 1 Machine 2

PV of Difference in ATCF

Year 1 155,000 x 0.86957 134,783.35 (134,783.35)

Year 2 110,000 x 0.75614 ( 83,175.40) 83,175.40

Net difference 51,607.95 ( 51,607.95)

Difference in investment ( 50,000.00) 50,000.00

NPV 1,607.95 ( 1,607.95)

8% Discount Rate

Machine 1 Machine 2

PV of Difference in ATCF

Year 1 155,000 x 0.92593 143,519.15 (143,519.15)

Year 2 110,000 x 0.85734 ( 94,307.40) 94,307.40

Net difference 49,211.75 ( 49,211.75)

Difference in investment ( 50,000.00) 50,000.00

NPV ( 788.25) 788.25

48. Answer: C

Cost of Investment:

Invoice price 950,000

Installation cost 24,200

Freight charge 800

Total investment 975,000

Number of procedures: (52 x 5) 260

Contribution margin per procedures: (P800 – P10 – P40) P750

Total annual cash flow: (260 x P750) P195,000

Cash payback period: (975,000 ÷ 195,000) 5 years

49. Answer: B

Present value of cash flow (195,000 x 6.418) P1,251,510

Present value of salvage value (55,000 x 0.42241) 23,233

Total P1,274,743

Capital investment 975,000

Net present value P 299,743

50. Answer: A

Average investment: (975,000 + 55,000) ÷ 2 515,000

Annual depreciation: (975,000 – 55,000) ÷ 10 92,000

Annual net income: 195,000 – 92,000 103,000

Average annual Rate of Return: P103,000 P515,000 20%

51. Answer: A

Contribution margin: 300,000 x (75 – 50) 7,500,000

Less Fixed costs 4,500,000

Cash flow before tax 3,000,000

Less: Depreciation (6,000,000 ÷ 4) 1,500,000

Income before tax 1,500,000

Less: Income tax (1,500,000 x 0.4) 600,000

Net income 900,000

Add back: Depreciation 1,500,000

After-tax Cash Flow 2,400,000

52. Answer: C

PV of After-tax Cash Flows (2,400,000 x 2.9287) 7,028,900

Cost of investment 6,000,000

Net Present Value 1,028,900

53. Answer: A

Annual excess present value (1,028,000 ÷ 2.9287) P351,000

Excess cash before tax (351,000 ÷ 0.6) P585,000

Maximum number of units as decrease (585,000 ÷ 15) 39,000

54. Answer: A

Average Annual net income:

(100,000 + 40,000 + 20,000 + 10,000 + 10,000) ÷ 5 = 36,000

Divide by average investment (400,000 ÷ 2) 200,000

Accounting rate of return 18%

Accounting rate of return or unadjusted rate of return computes the profitability of the project in term of

accrual profit. Net profit under accrual method considers depreciation, a substantial amount that

understates the average profit. This understatement of amount that is used in the computation necessarily

requires that preferably, average investment should be used, instead of the initial investment, in the

determination of accounting rate of return.

55. Answer: B

Cash Flow PV Factor PV of annual net cash flows:

180,000 0.909 163,620

120,000 0.826 99,120

100,000 0.751 75,100

90,000 0.683 61,470

90,000 0.621 55,890

Total 455,200

Amount of 400,000

investment

Net Present Value 55,200

56. Answer: C

Present Value Index (Profitability Index)

Present Value of ATCF ÷ Net Investment (455,200 ÷ 400,000) = 1.14

The present value index computes net present value in terms of P1 investment. Therefore, the index of 1.14

means the net present value per P1 of investment is P0.14. This concept makes the present value index

better than the net present value technique because the index indicates which one is the most profitable on a

per P1 investment.

57. Answer: D

Cash Inflow Unrecovered Investment

Period 0 Outflows (400,000)

Period 1 180,000 (220,000)

Period 2 120,000 (100,000)

Period 3 100,000 Zero

The analyst should be careful in computing the payback period when the project has uneven cash inflows.

The common error in handling uneven cash flows is using the average cash flows instead of reducing the

unrecovered outflows.

58. Answer: D

Payback period: Investment ÷ Net Annual Cash Inflow

P200,000 ÷ P50,000 = 4 years

59. Answer: D

Present value of Net Cash Inflow (71,000 X 4.355) 309,205

Investment 300,000

Net Present value 9.205

60. Answer: B

Average Investment: (200,000 ÷ 2) = 100,000

Accounting Rate of Return = Net Income ÷ Average Investment

(10,000 ÷ 100,000) = 10 percent

61. Answer: A

Annual depreciation: (P50,000 ÷ 8) P6,250

Annual tax shield: (P6,250 x 0.3) P1,875

62. Answer: C

Before-tax cash inflow P10,000

Less depreciation 6,250

Income before tax 3,750

Less income tax (3,750 x 0.3) 1,125

Net income 2,625

Add back depreciation 6,250

After-tax cash inflow P 8,875

A quicker calculation of after tax cash flow can be made by adding the tax shield to after-tax cash inflow

without any tax benefit on depreciation.

(P10,000 × .70) + P1,875 = P8,875

63. Answer: B

Payback period: (P50,000 ÷ P8,875) = 5.6 years

64. Answer: C

Present value of annual ATCF (P8,875 x 5.747) P51,000

Present value of after-tax salvage value (P1,400 x 0.54) 756

Total 51,756

Investment 50,000

Net present value P 1,756

65. Answer: C

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