南方公司计划进行一项投资活动,有A、B两个备选的互斥投资方案,资料如下: (1)A方案原始投资160万元,其中固定资产投资105万元,流动资金55万元,全部资金于建设起点一次投入,没有建设期,经营期为5年,到期残值收入5万元,预计投产后年营业收入(不含增值税)90万元,年总成本(不含利息)60万元。 (2)B方案原始投资额200万元,其中固定资产投资120万元,流动资金投资80万元。建设期2年,经营期5年,建设期资本化利息10万元,流动资金于建设期结束时投入,固定资产残值收入8万元,投产后,年收入(不含增值税)170万元,经营成本70万元/年,营业税金及附加10万元/年。 固定资产按直线法折旧,全部流动资金于终结点收回。该企业为免税企业,可以免交所得税。 要求: (1)说明A、B方案资金投入的方式; (2)计算A、B方案各年的净现金流量; (3)计算A、B方案包括建设期的静态投资回收期; (4)计算A、B方案的投资收益率; (5)该企业所在行业的基准折现率为10%,计算A、B方案的净现值; (6)计算A、B两方案的年等额净回收额,并比较两方案的优劣; (7)利用方案重复法比较两方案的优劣; (8)利用最短计算期法比较两方案的优劣。 相关的现值系数如下: (P/A,10%,4) 3.1699 (P/F,10%,5) 0.6209 (P/A,10%,6) 4.3553 (P/F,10%,7) 0.5132 (P/A,10%,2) 1.7355 (P/F,10%,2) 0.8264 (P/A,10%,5) 3.7355 (P/F,10%,10) 0.3855 (P/A,10%,7) 4.8684 (P/F,10%,15) 0.2394 (P/A,10%,20) 0.1486 (P/F,10%,25) 0.0923 (P/A,10%,30) 0.0573 (P/F,10%,14) 0.2633 (P/A,10%,21) 0.1351 (P/F,10%,28) 0.0693
Directions: This section is designed to test your ability to understand spoken English. You will hear a selection of recorded materials and you must answer the questions that accompany them. There are two parts in this section, part A and part B. Now look at Part A in your test paper.Part A You will hear 10 short dialogues. For each dialogue, there is one question and four possible answers. Choose the correct answer—A, B, C or D, and mark it in your test booklet. You will have 15 seconds to answer the question and you will hear each dialogue ONLY ONCE. Now look at question 1. As the conversation begins, what are the man and woman doing
A. Teaching a photography class.
B. Looking at some photographs.
C. Repairing camera equipment.
D. Selling cameras.
Questions 23~25 are based on the following conversation. According to Dr. Jolly, what should a mother do with her child quietly playing on his own
A. Talking with the child.
B. Working in the kitchen.
C. Getting on with her own work.
D. Staying with the child.