Bi 1:

Gi mua
chit khu
CP v/c
l ph trc b
vay NH

500
2%
5
11
200

tr
ca gi mua
tr
tr
tr

1. Nguyn gi : NG =

509

tr

thi gian vay

li sut vay
thi gian s dng

nm
/nm
nm

1/6
9%
4

500 1 2% 5 11 200*9%*2 /12

2a. Khu hao theo phng php ng thng

M
N
1
2
3
4

NG

127.25 tr
Mi
127.25
127.25
127.25
127.25

Khu hao ly k
127.25
254.5
381.75
509

2b. Khu hao theo phng php t l KH gim dn

N
1
2
3
4
10

Ti
40%
30%
20%
10%
100%

Mi
203.6
152.7
101.8
50.9
509

Gi tr cn li
381.75
254.5
127.25
0

Mi Ti NG
Khu hao ly k
203.6
356.3
458.1
509

2c. Khu hao theo phng php s d gim dn c iu chnh

N
1
2
3
4
10

Gi
509.00
318.13
198.83
99.41

Tc
37.5%
37.5%
-

Mi
190.88
119.30
99.41
99.41
509.00

Ti

2 N i 1
N N 1

Gi tr cn li
305.4
152.7
50.9
0

Mi Gi Tdc

Tdc T H

Khu hao ly k Gi tr cn li
190.88
318.13
310.17
198.83
409.59
99.41
509.00
0.00

=> a ra phng php khu hao la chn, u im ca phng php so vi cc phng php khc

1
H
N

T H

1
H
N

Bi 2:
Gi CIF
Thu NK
Thu TTB
CP v/c
l ph trc b

300
90%
50%
25
13

1. Nguyn gi : NG =

894.67

tr
ca gi mua
ca gi NK
tr
tr
tr

vay NH
thi gian vay
li sut vay
thi gian s dng

tr
nm
/nm
nm

200
1/12
10%
5

300 1 90%1 50% 25 13 200*10%*1/12

2a. Khu hao theo phng php ng thng

M
N
1
2
3
4
5

NG

178.93 tr
Mi
178.93
178.93
178.93
178.93
178.93

Khu hao ly k
178.93
357.87
536.80
715.73
894.67

2b. Khu hao theo phng php t l KH gim dn

N
1
2
3
4
5
15

Ti
33%
27%
20%
13%
7%
100%

Mi
298.22
238.58
178.93
119.29
59.64
894.67

Gi tr cn li
715.73
536.80
357.87
178.93
0.00

Mi Ti NG
Khu hao ly k
298.22
536.80
715.73
835.02
894.67

2c. Khu hao theo phng php s d gim dn c iu chnh

N
1
2
3
4
5
15

Gi
894.67
536.80
322.08
193.25
96.62

Tc
40.0%
40.0%
40.0%
-

Mi
357.87
214.72
128.83
96.62
96.62

Ti

2 N i 1
N N 1

Gi tr cn li
596.44
357.87
178.93
59.64
0.00

Mi Gi Tdc
Khu hao ly k
357.87
572.59
701.42
798.04
894.67

Tdc T H
Gi tr cn li
536.80
322.08
193.25
96.62
0.00

=> a ra phng php khu hao la chn, u im ca phng php so vi cc phng php khc

1
H
N

T H

1
H
N

n v tr

Bi 3:
thng
.

ch tiu

10

11

12

I,Thu
1.Doanh s BH

467.00

550.00

375.00

600.00

658.00

720.00

443.65

522.50

356.25

570.00

625.10

684.00

2.1.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

23.35
23.35

27.50
160.60

18.75
486.06

30.00
502.63

32.90
453.28

36.00
622.53

(300.00)

(320.00)

(240.00)

(360.00)

(400.00)

(400.00)

2.Bn chu

95%*(1)

3.Tr tin ngay

Tng thu

5%*(1)

II,Chi
4.Tr gi NVL mua
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)

(140.00)

(140.00)

(140.00)

(140.00)

(140.00)

(140.00)

(16.70)

(23.00)

(13.50)

(24.00)

(25.80)

7.Li vay
8.Tng chi

(80.00)
(370.00)

(80.00)
(546.70)

(80.00)
(523.00)

(80.00)
(533.50)

(80.00)
(624.00)

(80.00)
(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)

5.Tin lng CBCNV

6.Thu

10%*(1)'-(4)'

Ch : S tin d phng trong tt c cc thng u l 50 (tr), Ti thng 1 s tin thiu ht so vi mc

tiu l 55.875 (tr) trong l c tin d phng 50 tr, khi tn qu u thng 2 s ch l
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 s
dng ngun ti tr mi.Chng hn: mc tn qu u thng 1 l 25 tr, s tin mt thm ht trong thng
1 l -30.875tr, nh vy mc tn qu cui thng 1 chuyn sang thng 2 s l: -30.875 + 25 = - 5.875
tr, Tng t i vi thng tip theo
S tin c gi tr -55.875 tr ngha l trong c d phng -50 tr v -5.875 tr l mc tn qu cui
thng 1

Bi 4 :
D=
P=
Gi mua :
C=
Thi gian t hng =

1500
200000
760000
91200
4

1. Lng t hng ti u

EOQ =

82

2. Mc tn kho bnh qun ti u

EOQ/2 =

41

3. S ln t hng

D/EOQ =

19

4. Tng chi ph t hng trong nm

D/EOQ * P =

3800000

5. Tng chi ph bo qun lu kho trong 1 nm

EOQ/2 * C =

3739200

6. Chi ph tn kho trong 1 nm

7. im ti t hng

= CPt hng + CP bo qun

D/EOQ * P + EOQ/2 * C =
17

7539200

Bi 5:
Chnh sch tn dng T l CK
3/10 net 30
3%
2/20 net 40
2%
1/15 net 45
1%
2/15 net 40
2%

CF do b qua khon chit khu

3/(100-3)*360/(30-10)=55.67%
2/(100-2)*360/(40-20)=36.73%
1/(100-1)*360/(45-15)=12.12%
2/(100-2)*360/(40-15)=29.38%

Bi 6:
1,Chi ph giao dch khi thanh ton vo ngy th 70

3
360
x
18.55%
100 3 70 10
2,Chi ph ca giao dch khi thanh ton vo ngy th 60

3
360
x
22.26%
100 3 60 10

Bi 7:

li sut nm : 8%
Thi gian
0
B 1
160
B 2
85
B 3
48

85
49.5

82.5

PV
160.00
163.70
164.56

B 1: Tng s tin phi thanh ton ngay

PV1 =
150 + 10=
160
tr
B 2: S tin phi thanh ton ngay: 85 tr
S tin tr 1 nm sau: 85tr
Tng s tin phi thanh ton ngay:
PV2 =
85+ 85/(1+8%) =
163.70
B 3: Tng s tin phi thanh ton ngay
PV3 =
48+49.5/(1+8%)+82.5/(1+8%) =

tr

164.56

tr

Nh vy s tin phi thanh ton ngay ca bc in 1 l thp nht, ta s chn bc in 1

Bi 8:
gi my

20

tr, tr u

1. Xc nh li sut tr gp
20
=

tr, trong

0
-20.00

1
6.00

2
6.00

Li sut tr gp :

3
6.00

1 i

vi n =

4
6.00

5
6.00

Tr vn gc

N gc cui
k

i = 15.24%

2.Lch trnh thanh ton n

N gc
S tin tr
Nm
u k
n mi k
(1)

(2)

(3)

1
2
3
4
5

20.00
17.05
13.65
9.72
5.21

6.00
6.00
6.00
6.00
6.00
30.00

Tr tin li

nm

(4) =
(5) = (3) - (4) (6) = (2) - (5)
15.24%x (2)
3.05
2.95
17.05
2.60
3.40
13.65
2.08
3.92
9.72
1.48
4.52
5.21
0.79
5.21
0.00
10.00
20.00

3. Nu li sut cho vay trung hn i vi VND ca ngn hng trn th

trng hin ti l 8%/nm th cng ty nn vay ngn hng mua tr ngay
v nu mua tr gp cng ty s phi chu li sut tr gp l 15.24%/nm

Bi 9 :
li sut nm : 8%/nm
=> li sut tr hng qu : 2%
S tin tra hng qu 20
1.Tng s tin m cng ty s phi tr vo k 11 nu cha thanh ton 10 k trc
S qu phi thanh ton :
11

FV =

10
10
t
t
FV 20 (1 r ) 20 20 (1 2%) 20 20 x11, 1687 20 243, 374
t 1
t 1
2.Tng s tin cn n vo k 20 nu thanh ton 19 k trc ng hn
S qu phi thanh ton :
20

20

PV 20 20

i 1

20

PV =

1
1

20

20
20 20 x16, 3514 347, 029
i
(1 2%)i
(1

2%)
i 1

$243.374

$347.029

Bi 10:

Cng thc tng qut

i
R (1 )k 1

e
Re : li sut thc / nm
k
i : Li sut danh ngha
k : k = 360/n hoc k = 12/t ( n,t l thi hn ca hp ng TD theo ngy, thng)
------------------------------------------------------------------------------------------------------------------vay
550 tr
k hn
1/2 nm
k =
2
li sut n
15.00%
li sut chit khu
11.20%
li sut tnh thm
10.00%
li sut khon k qu
9.00% vi t l k qu
15%

Ngun ti tr 1: vay vi li sut n

li sut n
15%
= li sut danh ngha
Chi ph tr li trong 6 thng l:
Khon tin thc nhn :
Li sut thc/nm

Re =

550
550

15%

1/2

41.25

x 11.20%
30.8

x
=

1/2
519.2

30.8

+
:

x
=

10%
96.25

1/2

vi n =

15.56%

Ngun ti tr 2: vay vi li sut chit khu

Chi ph tr li trong 6 thng l:
Khon tin thc nhn :
Li sut thc / nm:

Re =

550
550
12.22%

Ngun ti tr 3: vay vi li sut tnh thm

Tng s tin gc v li khon vay : 550
S tin tr n hng thng :
577.5

550
6
n

550

96.25 x

0
-550.00

1
96.25

i =

1.4121%

Li sut thc/ nm:

2
96.25

3
96.25

1 i

4
96.25

5
96.25

6
96.25

=> li sut thc ca thng

Re =

18.32%

Ngun ti tr 4: vay vi t l k qu
S tin li phi tr trong k hn:
S tin k qu:
S tin thc nhn
Li sut thc/ nm

Re =

550
550
550

x
x
-

9.00%
15%
82.50

x
=
=

1/2
82.50
467.50

10.87%

La chn ngun ti tr c Re thp nht :

ngun ti tr 4

24.75

577.5

Bi 11:
1. Xc nh s tin cng ty phi tr vo cui mi nm
n

320

Ax

A=

1 i

vi i = 8%
n = 10

47.69

2.Lch trnh thanh ton n

Nm
(1)
1
2
3
4
5
6
7
8
9
10

N gc u S tin tr n
k
mi k
(2)
320.00
297.91
274.05
248.29
220.46
190.41
157.95
122.90
85.04
44.16

(3)
47.69
47.69
47.69
47.69
47.69
47.69
47.69
47.69
47.69
47.69
476.89

Tr tin li

Tr vn gc

(4) = 8%x (2)

25.60
23.83
21.92
19.86
17.64
15.23
12.64
9.83
6.80
3.53
156.89

(5) = (3) - (4)

22.09
23.86
25.77
27.83
30.05
32.46
35.05
37.86
40.89
44.16
320.00

N gc cui
k
(6) = (2) - (5)
297.91
274.05
248.29
220.46
190.41
157.95
122.90
85.04
44.16
0.00

Bi 12:
P
FC
VC

BE

Q =
Q =

30000
179000000
18000

FC
14917
P VC
20000
22000

ta c EBIT = Q(P-VC) - FC =
ta c EBIT = Q(P-VC) - FC =

61000000
85000000

Bi 13:
S lng bn
12000
14916
16667
21000
22000

Xc sut
4%
4%
11%
60%
21%

480
597
1833
12600
4620

P
FC
VC

30000
250000000
15000

s lng bn bnh qun Q = 20131

BE

FC

P VC

Vi chi ph nh bi 12
Vi chi ph nh bi 13

16667
ta c EBIT = Q(P-VC) - FC = 20131*(30000-18000) - 179000000
= 62572000
ta c EBIT = Q(P-VC) - FC = 20131*(30000-15000) - 250000000
= 51965000

Bi 14:
Gi c phiu
C tc
t l tng trng k vng
chi ph pht hnh c phiu mi

Po
Do
g
F

250000
20000
5%
4%

/c phiu
/c phiu
/nm
vn huy ng

=>

D1 = 21000

Chi ph s dng vn bng li nhun gi li = chi ph s dng vn c phn thng =

Ke

D (1 g )
D1
g 0
g
P0
P0

13.4%

Chi ph s dng vn c phn mi

Kn

D (1 g )
D1
g 0
g 13.75%
P0 F
P0 F0

Bi 15:
TI SN
Hnh thc C cu t

VN
Hnh thc

TSL

11.30

N ngn hn

TSC

21.35

C cu t

T trng

Chi ph

CP BQ

10.69

32.74%

5.50%

1.80%

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

100%

32.65
chi ph n di hn sau thu = 11.5% x (1-28%) =

8.28%

10.75%

n v tr

Bi 16:
Nm

Vn u t ban u = NG

(1,000)

Li nhun trc thu (EBT)

250

300

300

250

200

Thu (T)

(70)

(84)

(84)

(70)

(56)

Li nhun sau thu (EAT)

180

216

216

180

144

333.33

266.67

200.00

133.33

66.67

Gi thanh l TSC

10

Thu thanh l TSC

513.33

482.67

416.00

313.33

220.67

Khu hao TSC

Dng tin thun t d n

(1,000)

Bng tnh khu hao TSC

TN tch ly

s d cn thiu ca TN tch
ly so vi VT

Ti

33%

333.33

513.33

513.33

486.67

27%

266.67

482.67

996.00

4.00

20%

200.00

416.00

1,412.00

4
5
15

13%
7%
100%

133.33
66.67
1000

313.33
220.67
1,946

1,725.33
1,946.00

PBP =
Thu TN

28%

Mi

Thu nhp

0.01

> 1000

(412.00)
(725.33)
(946.00)

2.01

<3

Bi 17:
Nm

NG

(100)

LNTT

30

26

22

20

20

Thu

(8.4)

(7.3)

(6.2)

(5.6)

(5.6)

LNST

21.6

18.7

15.8

14.4

14.4

20

20

20

20

20

41.6

38.7

35.8

34.4

34.4

Khu hao
Gi thanh l
Thu thanh l
Dng tin thun
Bng tnh khu hao
N
Ti
1
20%
2
20%
3
20%
4
20%
5
20%
15
100%

(100)

Mi
20
20
20
20
20
100

PBP =
2
+
=> chp nhn u t d n
Thu TN

Thu nhp
41.6
38.7
35.8
34.4
34.4
185.0
0.55

Thu nhp tch ly

41.6
80.3
116.2 > 100
150.6
185.0

2.55

<3

28%

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

Thu TN 28%

Bi 18:
Bc in 1 :
Nm
Vn u t = NG
LNTT
Thu
LNST
Khu hao
Gi thanh l
Thu thanh l
Dng tin thun

NPV1 =

0
(120)

(120)

i = 10%

15
(4.20)
10.80
30
40.80

16
(4.48)
11.52
30
41.52

18
(5.04)
12.96
30
42.96

13
(3.64)
9.36
30
5
44.36

40.80
41.52
42.96
44.36

120
2
3
(1 r ) (1 r )
(1 r )
(1 r ) 4

NPV1 = 13.98
Bc in 2 :
Nm
Vn u t = NG
LNTT
Thu
LNST
Khu hao
Gi thanh l
Thu thanh l
Dng tin thun

IRR1 =

0
(200)

(200)

NPV2 = 23.97

24
(6.72)
17.28
40
57.28

26
(7.28)
18.72
40
58.72

24
(6.72)
17.28
40
57.28

22
(6.16)
15.84
40
55.84

18
(5.04)
12.96
40
15
67.96

14.50%

Khu hao bc in 2
N
Mi
1
40
2
40
3
40
4
40
5
40

Khu hao theo t l gim dn

Bc in 1
Nm
0
NG
(120)
LNTT
Thu
LNST
Khu hao
Gi thanh l
Thu thanh l
Dng tin thun
(120)
NPV1 =
18.50
Bc in 2
Nm

IRR2 =

Khu hao bc in 1
N
Mi
1
30
2
30
3
30
4
30
10

15.20%

Thu TN
1

15
(4.20)
10.80
48
58.80

16
(4.48)
11.52
36
47.52

18
(5.04)
12.96
24
36.96

13
(3.64)
9.36
12
5
26.36

IRR1 =
0

28%

18.02%
2

NG
LNTT
Thu
LNST
Khu hao
Gi thanh l
Thu thanh l
Dng tin thun
NPV2 =

(200)

(200)

(30.92)

24
(6.72)
17.28
40
57.28
IRR2 =

Khu hao bc in 1
N
Ti
Mi
1
40%
48
2
30%
36
3
20%
24
4
10%
12
10
100%
120

26
(7.28)
18.72
32
50.72

24
(6.72)
17.28
24
41.28

Khu hao bc in 2
N
Ti
1
33.33%
2
26.67%
3
20.00%
4
13.33%
5
6.67%
15
100%

NPV2 =

IRR1 =
0
(200)

(200)

34.54

Khu hao bc in 1
N
Gi
Tc
1
120
37.5%
2
75
37.5%
3
46.9
4
23.4
10

18
(5.04)
12.96
8
15
35.96

3.10%

Khu hao theo s d gim dn c iu chnh

Thu TN
Bc in 1
Nm
0
1
2
3
NG
(120)
LNTT
15
16
18
Thu
(4.20)
(4.48)
(5.04)
LNST
10.80
11.52
12.96
Khu hao
45.0
28.1
23.4
Gi thanh l
Thu thanh l
Dng tin thun
(120)
55.80
39.65
36.40
NPV1 =
16.65
Bc in 2
Nm
NG
LNTT
Thu
LNST
Khu hao
Gi thanh l
Thu thanh l
Dng tin thun

22
(6.16)
15.84
16
31.84

Mi
40.0
32.0
24.0
16.0
8.0
120

28%
4
13
(3.64)
9.36
23.4
5
37.80

16.79%

24
(6.72)
17.28
80.0
97.28

26
(7.28)
18.72
48.0
66.72

24
(6.72)
17.28
28.8
46.08

22
(6.16)
15.84
21.6
37.44

18
(5.04)
12.96
21.6
15
49.56

IRR2 =

Mi
45.0
28.1
23.4
23.4

17.84%
Khu hao bc in 2
N
Gi
1
200
2
120
3
72.0
4
43.2
5
21.6
15

Tc
40.0%
40.0%
40.0%
-

Mi
80.0
48.0
28.8
21.6
21.6

Bi 18:

khi c ti u t thu nhp bc in 1

Thu TN 28%

Bc in 1 :
Nm
Vn u t = NG
LNTT
Thu
LNST
Khu hao
Gi thanh l
Thu thanh l
Dng tin thun

0
(120)

(120)

15
(4.20)
10.80
30

16
(4.48)
11.52
30

18
(5.04)
12.96
30

40.80

41.52

42.96

13
(3.64)
9.36
30
5
44.36

r = 10%
i = 10%

A = 40.80 1 i 41.52 1 i 42.96 1 i 44.36 1 i

4

NPV1 = 13.98

IRR1 =

15.20%

40.80 1 i 41.52 1 i 42.96 1 i 44.36 1 i

4

NPV1' =

Bc in 2 :
Nm
Vn u t = NG
LNTT
Thu
LNST
Khu hao
Gi thanh l
Thu thanh l
Dng tin thun
NPV2 = 23.97
Khu hao bc in 1
N
Mi
1
30
2
30
3
30
4
30
10

1 r
0
(200)

(200)

120

= 13.98

24
(6.72)
17.28
40
57.28

26
(7.28)
18.72
40
58.72

24
(6.72)
17.28
40
57.28

22
(6.16)
15.84
40
55.84

18
(5.04)
12.96
40
15
67.96

IRR2 =

14.50%

Khu hao bc in 2
N
Mi
1
40
2
40
3
40
4
40
5
40

Nu lm cn bng tui th ca 2 d n trn, nh u t quyt nh ti u t ton b lung thu nhp thu

nhp 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 ty
th NPV ca bc in 1 c ti u t s khng thay i so vi trng hp cha c ti u t.

Bi 19:
Nm
Vn u t
+ TSC
+ TSL
Doanh thu
Chi ph
LNTT
Thu
LNST
Khu hao
Thu hi TSL
Gi thanh l
Thu thanh l
Dng tin thun
NPV = 538.69

Thu TN 28%
0
(1,300)
(1,200)
(100)

(1,300)

Chi ph s dng vn
1

18%
5

1,400
(980)
420
(117.60)
302.4
200

1,400
(980)
420
(117.60)
302.4
200

1,400
(980)
420
(117.60)
302.4
200

1,400
(980)
420
(117.60)
302.4
200

1,400
(980)
420
(117.60)
302.4
200

502.4

502.4

502.4

502.4

502.4

IRR= 33%

n v tr
6

1,400
(980)
420
(117.60)
302.4
200
100
120
722.4

Thu TN

Bi 20:
Nm

Vn u t tng thm
- Gi mua my mi
- Gi bn my c

28%
1

(700)
(1,500)
800

LNTT tng thm

144

144

144

144

144

560

Thu tng thm

(40.32)

(40.32)

(40.32)

(40.32)

(40.32)

(156.80)

LNST tng thm

103.68

103.68

103.68

103.68

103.68

403.20

Khu hao tng thm

343.71

152.39

29.39

(49.68)

(100.51)

82.34

Gi thanh l tng thm

(200)

Thu thanh l tng thm

Dng tin thun tng thm

N
1
2
3
4
5
6
7

Khu hao my mi
Ti
35.70%
35.70%
35.70%
35.70%
35.70%
-

(700)

Mi
535.71
344.39
221.39
142.32
91.49
82.34
82.34

447.39
KH my
c
192.00
192.00
192.00
192.00
192.00
0
0

256.07

133.07

KH tng
thm
343.71
152.39
29.39
(49.68)
(100.51)
82.34
82.34

54.00

(196.83)

NPV =

483.60

Khu hao my mi
N
Mi
1
214.3
2
214.3
3
214.3
4
214.3
5
214.3
6
214.3
7
214.3
28
1500.0

Ti
25%
21%
18%
14%
11%
7%
4%
100%

Mi
375.0
321.4
267.9
214.3
160.7
107.1
53.6
1500.0

Gi
1,500.0
964.3
619.9
398.5
256.2
164.7
82.3

Tc
35.7%
35.7%
35.7%
35.7%
35.7%
-

Mi
535.71
344.39
221.39
142.32
91.49
82.34
82.34
1,500.0

Khu hao my c
N
1
2
3
4
5
15

Ti
33%
27%
20%
13%
7%
100%

Mi
320
256
192
128
64
960

Gi
960
576
345.6
207.4
103.7

Tc
40.0%
40.0%
40.0%
-

Mi
384
230.4
138.2
103.7
103.7
960

Mi
192
192
192
192
192
960

485.54

560
(156.80)
403.20
82.34
500
985.54

Bi 21:
Nm
Vn u t tng thm
+ Gi mua my mi
+ Gi bn my c
LNTT tng thm
Thu tng thm
LNST tng thm
Khu hao tng thm
Gi thanh l tng thm
Thu thanh l tng thm
Dng tin thun tng thm

N
1
2
3
4
5

Khu hao my mi
Ti
33.33%
26.67%
20.00%
13.33%
6.67%
100.00%

0
(800)
(1,280)
480

(800)

Mi
426.67
341.33
256.00
170.67
85.33

1
146
(40.88)
105.12
170.67
275.79
KH my
c
256.00
170.67
85.33
0
0

2
146
(40.88)
105.12
170.67
275.79
KH tng
thm
170.67
170.67
170.67
170.67
85.33

3
146
(40.88)
105.12
170.67
(96)
179.79

336
(94.08)
241.92
170.67
412.59

336
(94.08)
241.92
85.33
540
867.25

NPV =

634.01

Bi 22:
Nm

Gi mua bng chuyn

(1,280)

CP vn chuyn lp t

(320)

CP SX tng thm

480

480

480

480

480

LNTT tng thm

480

480

480

480

480

Thu tng thm

(134.40)

(134.40)

(134.40)

(134.40)

(134.40)

LNST tng thm

345.6

345.6

345.6

345.6

345.6

Khu hao tng thm

640.0

384.0

230.4

172.8

172.8

Gi thanh l
Thu thanh l

DT thun tng thm

Thu TN
28%
Khu hao

(1,600)

729.60
NPV1 =

576.00

518.40

518.40

741.59

Ti
33%
27%
20%
13%
7%
100%

Mi
533.3
426.7
320.0
213.3
106.7
1600

Gi
1,600.0
960.0
576.0
345.6
172.8

Tc
40.0%
40.0%
40.0%
-

Mi
640
384.0
230.4
172.8
172.8
1,600

Nu khu hao theo phng php ng thng

Nm
0
1
Gi mua bng chuyn
(1,280)
CP vn chuyn lp t
(320)
Chi ph tng thm
(480)
LNTT tng thm
480.0
Thu tng thm
(134.40)
LNST tng thm
345.6
Khu hao tng thm
320.0
Gi thanh l
Thu thanh l
DT thun tng thm
(1,600)
665.60
Thu TN
28%

2
(480)
480.0
(134.40)
345.6
320.0
665.60

3
(480)
480.0
(134.40)
345.6
320.0
665.60

4
(480)
480.0
(134.40)
345.6
320.0
665.60

5
(480)
480.0
(134.40)
345.6
320.0
665.60

N
1
2
3
4
5
15

Khu hao T
320
320
320
320
320
1600

985.60

NPV2 =

631.19

Bi 23:
Nm
Nguyn gi
Vay ngn hng
Doanh thu
Khu hao
Li vay
LNTT
Thu
LNST
Khu hao
Tr vn gc tin vay
Gi thanh l
Thu thanh l
Dng tin thun

0
(1,000)
800

(200)

Li sut vay

10%

Thu TN DN

28%

1
300
(200)
(80)
20
(5.60)
14.40
200.0
(160.0)
54.40
NPV

Bng thanh ton n (tr ring li v gc)

Nm
D n u k
Tin li

2
300
(200)
(64)
36
(10.08)
25.92
200.0
(160.0)
65.92

3
300
(200)
(48)
52
(14.56)
37.44
200.0
(160.0)
77.44

4
300
(200)
(32)
68
(19.04)
48.96
200.0
(160.0)
88.96

62.53

Tin gc

D n cui k

(1)

(2)

(3)=12%*(2)

(4)

(5)=(2)-(4)

1
2
3
4
5

800
640
480
320
160

80
64
48
32
16
240

160
160
160
160
160
800

640
480
320
160
0

5
300
(200)
(16)
84
(23.52)
60.48
200.0
(160.0)
100.48

Bi 24:
1. ROA: t sut sinh li ca ti sn
ROE: t sut sinh li vn ch s hu
ROA =

LN ST
TS

Nm

ROE =

LN ST
VCSH

X+1

X+2

X+3

X+4

Ti sn

910

1000

1080

1300

Doanh thu

1560

1610

1860

2130

LN thun

130

-100

200

210

N/ tng vn

25%

30%

35%

40%

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

-0.13

0.25

210/975 =

0.22

DTT/TS

1560/910 =

1.71 1610/1000=

1.72 2130/1300 =

1.64

-100/750 =

200/810 =

1.61 1860/1080 =

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 i
ROE s thay i do vn ch s hu thay i
Ch tiu
VCSH

X+1
50%x910 =

X+2

X+3

X+4

455.00 50%x1000 =

500.00 50%x1080 =

540.00 50%x1300 =

650.00

ROA

ko i

ko i

ko i

ko i

ROE

0.286

-0.2

0.37

0.3