甲公司是一家制造业企业。为做好财务计划,甲公司管理层拟采用管理用财务报表进行分析

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问题 甲公司是一家制造业企业。为做好财务计划,甲公司管理层拟采用管理用财务报表进行分析。相关资料如下:(1)甲公司2017年重要财务报表数据如下(单位:万元):资产负债表项目        2017年末货币资金        400应收票据及应收账款        1000存货        800其他流动资产        300长期股权投资        650固定资产        3590资产合计        6740应付票据及应付账款        1000其他流动负债        500长期借款        2500负债合计        4000股东权益        2740负债和股东权益合计        6740利润表项目        2017年度营业收入        12000减:营业成本        8000  税金及附加        500  销售和管理费用        1800  财务费用        100利润总额        1600减:所得税费用        400净利润        1200(2)甲公司没有优先股,股东权益变动均来自利润留存。货币资金中有营业收入的2%为经营性资产,其余为金融性的货币资金。其他资产都是经营活动所需资产。长期借款为金融负债,流动负债均为经营负债。(3)甲公司采用固定股利支付率政策,股利支付率为80%。经营性资产、经营性负债与营业收入保持稳定的百分比关系。利润表中营业成本、税金及附加、销售和管理费用与营业收入保持稳定的百分比关系。要求:<1>?、编制甲公司2017年的管理用财务报表(不用列出计算过程)(单位:万元)。管理用资产负债表项目        2017年末经营性资产总计         经营性负债总计         净经营资产总计         金融负债         金融资产         净负债         股东权益         净负债及股东权益总计         管理用利润表项目        2017年度税前经营利润         减:经营利润所得税         税后经营净利润         利息费用         减:利息费用抵税         税后利息费用         净利润         <2>?、假设甲公司2018年营业收入增长率为20%,保持2017年的营业净利率。净负债税前利息率预计为5%,利息费用按照期初净负债计算。预计金融资产金额不变。不增发新股和回购股票,请预计2018年财务报表的主要项目金额(不用列出计算过程,按照平均所得税税率计算经营利润所得税和利息费用抵税,平均所得税税率的计算结果保留三位小数),并计算2018年的外部融资额。(单位:万元)管理用资产负债表项目        2018末经营性资产总计         经营性负债总计         净经营资产总计         金融负债         金融资产         净负债         股东权益         净负债及股东权益总计         管理用利润表项目        2018年度税前经营利润         减:经营利润所得税         税后经营净利润         利息费用         减:利息费用抵税         税后利息费用         净利润         <3>?、假设甲公司目前已达到稳定状态,经营效率和财务政策保持不变且不增发新股和回购股票。计算甲公司2018的营业收入增长率。<4>?、简述可持续增长率和内含增长率的区别和联系。

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解析<1>、甲公司2017年的管理用财务报表(单位:万元):管理用资产负债表项目 2017年末经营性资产总计 6580经营性负债总计 1500净经营资产总计 5080金融负债 2500金融资产 160净负债 2340股东权益 2740净负债及股东权益总计 5080管理用利润表项目 2017年度税前经营利润 1700减:经营利润所得税 425税后经营净利润 1275利息费用 100减:利息费用抵税 25税后利息费用 75净利润 1200(3分)计算说明:根据“货币资金中有营业收入的2%为经营性资产”可知,属于经营性资产的货币资金=12000×2%=240(万元),属于金融资产的货币资金为400-240=160(万元)。<2>、2018年财务报表的主要项目金额(单位:万元):管理用资产负债表项目 2018年末经营性资产总计 7896经营性负债总计 1800净经营资产总计 6096金融负债 3228金融资产 160净负债 3068股东权益 3028净负债及股东权益总计 6096管理用利润表项目 2018年度税前经营利润 2040减:经营利润所得税 512.39税后经营净利润 1527.61利息费用 117减:利息费用抵税 29.39税后利息费用 87.61净利润 1440(3分)2018年外部融资额=(6580-1500)×20%-1440×(1-80%)=728(万元)(0.5分)报表数据计算说明:经营性资产总计=6580×(1+20%)=7896(万元)经营性负债总计=1500×(1+20%)=1800(万元)净经营资产总计=7896-1800=6096(万元)股东权益=2740+12000×(1+20%)×1200/12000×(1-80%)=3028(万元)净负债=6096-3028=3068(万元)金融负债=3068+160=3228(万元)税前经营利润=1700×(1+20%)=2040(万元)净利润=1200×(1+20%)=1440(万元)利息费用=2340×5%=117(万元)这样则有:2040×(1-平均所得税税率)-117×(1-平均所得税税率)=1440解得:平均所得税税率=25.117%则经营利润所得税=2040×25.117%=512.39(万元)利息费用抵税=117×25.117%=29.39(万元)税后利息费用=117-29.39=87.61(万元)<3>、2018年的营业收入增长率=2017年的可持续增长率=1200×20%/(2740-1200×20%)=9.6%(0.5分)<4>、相同点:内含增长率和可持续增长率都是指销售增长率,都不发行新股。两者的不同点:①内含增长率是外部融资为零时的销售增长率,可持续增长率是不增发股票,保持经营效率和财务政策不变条件下的销售增长率。②计算内含增长率时,不增加外部债务,但资产负债率会有所变化;而计算可持续增长率时,可以从外部增加债务,但资产负债率不变。③可持续增长属于平衡增长,即资产增长率=负债的增长率=股东权益增长率,而内含增长不属于平衡增长。(1分)Answer: (5points)(1)Balance sheet items for management At the end of 2017Total operating assets 65,800,000Total operating liabilities 15,000,000Net operating assets 50,800,000Financial liabilities 25,000,000Financial assets 1,600,000Net liabilities 23,400,000Equity 27,400,000Total net liabilities and equity 50,800,000Income statement item for management For the year of 2017Operating income before tax 17,000,000Minus:Income tax 4,250,000Operating income after tax 12,750,000Interest expense 1,000,000Minus:Interest expense offset tax 250,000Interest expense After tax 750,000Net profit 12,000,000(2)Balance sheet items for management At the end of 2018Total operating assets 78,960,000Total operating liabilities 18,000,000Total net operating assets 60,960,000Financial liabilities 32,280,000Financial Assets 1,600,000Net liabilities 30,680,000Equity 30,280,000Total net liabilities and equity 60,960,000Income statement items for management For the year of 2018Operating income before tax 20,400,000Minus:Income tax 5,123,900Operating income after tax 15,276,100Interest expense 1,170,000Minus:Interest expense offset tax 293,900Interest expense after tax 876,100Net profit 14,400,000External financing amount in 2018 = (65,800,000-15,000,000) ×20%-14,400,000× (1-80%) = 7,280,000(RMB)Explanation of Calculation:Total operating assets = 65,800,000× (1+20%) = 78,960,000(RMB)Total operating liabilities = 15,000,000× (1+20%) = 18,000,000 (RMB)Total net operating assets = 78,960,000-18,000,000 = 60,960,000 (RMB)Shareholders' equity = 27,400,000 + 120,000,000 × (1+20%) × 12,000,000/120,000,000 × (1-80%) = 30,280,000(RMB)Net liabilities = 60,960,000-30,280,000 = 30,680,000 (RMB)Financial liabilities = 30,680,000 +1,600,000 = 32,280,000 (RMB)Operating profit before tax = 17,000,000× (1+20%) = 20,400,000 (RMB)Net profit = 12,000,000× (1+20%) = 14,400,000 (RMB)Interest expense = 23,400,000 ×5% = 1,170,000(RMB)So, 20,400,000× (1- average income tax rate) -1,170,000× (1- average income tax rate) = 14,400,000Solution: Average income tax rate = 25.117%Then, Operating income tax = 20,400,000×25.117% = 512,390,000 (RMB)Interest expense offset tax = 1,170,000×25.117% = 29,390,000 (RMB)Interest expense after tax = 1,170,000-29,390,000 = 87,610,000 (RMB)(3) Operating sales growth rate in 2018 = Sustainable growth rate in 2017 = 12,000,000×20% / (27,400,000-12,000,000×20%) = 9.6%(4) The similarities: Both internal growth rate and sustainable growth rate refer to sales growth rate, and no new shares are issued.The differences:① The internal growth rate is the sales growth rate when external financing is zero, and the sustainable growth rate is the sales growth rate under the condition that no additional stocks are issued and the operating efficiency and financial policies remain unchanged.②When calculating the internal growth rate, the external debt will not be increased, but the asset/liability ratio will change; When calculating the sustainable growth rates, the debt can be increased from the outside, but the asset/liability ratio remains unchanged.③Sustainable growth belongs to balanced growth, that is, the growth rate of assets = the growth rate of liabilities = the growth rate of shareholders' equity, while internal growth does not belong to balanced growth.
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