BEC 無料問題集「AICPA CPA Business Environment and Concepts」
Lawson Inc. is expanding its manufacturing plant, which requires an investment of $4 million in new
equipment and plant modifications. Lawson's sales are expected to increase by $3 million per year as a
result of the expansion. Cash investment in current assets averages 30 percent of sales; accounts
payable and other current liabilities are 10 percent of sales. What is the estimated total investment for this
expansion?
equipment and plant modifications. Lawson's sales are expected to increase by $3 million per year as a
result of the expansion. Cash investment in current assets averages 30 percent of sales; accounts
payable and other current liabilities are 10 percent of sales. What is the estimated total investment for this
expansion?
正解：C
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Wendy's Sandwich Shop purchased an asset for $100,000 that has no salvage value and a 10-year life.
Wendy's effective income tax rate is 40 percent, and it uses the straight-line depreciation method for
income tax reporting purposes. Wendy's annual depreciation tax shield from the asset would be:
Wendy's effective income tax rate is 40 percent, and it uses the straight-line depreciation method for
income tax reporting purposes. Wendy's annual depreciation tax shield from the asset would be:
正解：B
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In order to increase production capacity, Gunning Industries is considering replacing an existing
production machine with a new technologically improved machine effective January 1, 1997. The
following information is being considered by Gunning Industries.
. The new machine would be purchased for $160,000 in cash. Shipping, installation, and testing would
cost an additional $30,000.
. The new machine is expected to increase annual sales by 20,000 units at a sales price of $40 per unit.
Incremental operating costs are comprised of $30 per unit in variable costs and total fixed costs of
$ 40,000 per year.
. The investment in the new machine will require an immediate increase in working capital of $35,000.
. Gunning uses straight-line depreciation for financial reporting and tax reporting purposes. The new
machine has an estimated useful life of five years and zero salvage value.
. Gunning is subject to a 40 percent corporate income tax rate.
Gunning uses the net present value method to analyze investments and will employ the following factors
and rates.
The acquisition of the new production machine by Gunning Industries will contribute a discounted
net-oftax contribution margin of:
production machine with a new technologically improved machine effective January 1, 1997. The
following information is being considered by Gunning Industries.
. The new machine would be purchased for $160,000 in cash. Shipping, installation, and testing would
cost an additional $30,000.
. The new machine is expected to increase annual sales by 20,000 units at a sales price of $40 per unit.
Incremental operating costs are comprised of $30 per unit in variable costs and total fixed costs of
$ 40,000 per year.
. The investment in the new machine will require an immediate increase in working capital of $35,000.
. Gunning uses straight-line depreciation for financial reporting and tax reporting purposes. The new
machine has an estimated useful life of five years and zero salvage value.
. Gunning is subject to a 40 percent corporate income tax rate.
Gunning uses the net present value method to analyze investments and will employ the following factors
and rates.
The acquisition of the new production machine by Gunning Industries will contribute a discounted
net-oftax contribution margin of:
正解：C
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