2016年美國CPA練習(xí)題精選：Business 26

下載正保會計網(wǎng)校APP 訂閱最新報考消息

來源: 正保會計網(wǎng)校編輯： 2016/09/20 13:08:44　字體：大小

選課中心

書課題助力備考

選課中心

報考指南

報名考試全輔導(dǎo)

報考指南

備考資料

需要的都在這里

免費題庫

The capital structure of a firm includes bonds with a coupon rate of 12% and an effective interest rate of 14%. The corporate tax rate is 30%. What is the firm's net cost of debt?

a. 9.8%

b. 8.4%

c. 12.0%

d. 14.0%

答案：A

Explanation

Choice "a" is correct. The net cost of debt is computed as the effective interest rate net of tax, or 14% × .70 = 9.8%. The question is trying to trick the candidate into using the coupon rate of 12% rather than the effective interest rate. The coupon rate is used only if it is the same as the effective interest rate and there are no flotation costs.

Choice "b" is incorrect. The net cost of debt is computed as the effective interest rate net of tax, or 14% × .70 = 9.8%, not the coupon rate of 12% × .70 = 8.4%.

Choice "c" is incorrect. The net cost of debt is computed as the effective interest rate net of tax, or 14% × .70 = 9.8%, not the coupon rate of 12% by itself. The cost of debt is computed on an after-tax basis and uses the effective interest rate instead of the coupon rate.

Choice "d" is incorrect. The net cost of debt is computed as the effective interest rate net of tax, or 14% × .70 = 9.8%, not the effective interest rate of 14% by itself. The cost of debt is computed on an after-tax basis.

【我要糾錯】責(zé)任編輯：小瑩子