Capital Expenditures Presentation V3
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The document discusses capital expenditures and tools for evaluating long-term investment decisions. It provides examples of how Netflix and AT&T used net present value (NPV) and internal rate of return (IRR) analyses to evaluate expanding their facilities. Both alternatives provided positive cash flows but expanding at the current facility was less capital intensive and avoided travel costs and time loss. The document also summarizes how Disney Cruise Line used NPV and IRR models to determine a new Mediterranean itinerary would have a 67% IRR and $6.4M NPV, leading them to approve the new route.
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This article discusses the separation of insureds clause as it applies in various policies: CGL, business auto, garage, truckers, and business owners. Includes reference to additional insured and cross liability coverage on the commercial general liability form.
The wording of current liability insurance policies has brought about questions concerning who is insured and to whom the various exclusions and conditions apply. The separation of insureds clause under the CGL form, for example, states that the insurance applies “as if each named insured were the only named insured’’ and “separately to each insured against whom claim is made or suit is brought.’’ So a question arises: if the named insured makes a liability claim against an entity who is an insured under the named insured’s CGL form, will the insurer defend that other insured and pay the named insured for his or her alleged damages?
Another example is exclusion (j) (4) on the CGL form. That exclusion deals with property damage to personal property in the care, custody, or control of the insured. Here, the question is: does the exclusion apply only to the particular insured that has the personal property in his or her hands, or can it be applied to all the insureds under the CGL form simply because one of the insureds has control of the property?
Capital budgeting
This document discusses the accounting rate of return (ARR) approach for screening capital investment proposals. The ARR relates the required investment to future annual net income to measure profitability from an accounting perspective. It provides an illustrative problem to calculate the ARR based on initial investment, estimated life, annual cash inflows, and salvage value. The decision rule is to accept projects where the ARR is greater than the required rate of return and reject others. Advantages include ease of understanding and use as a preliminary screening device, while disadvantages are ignoring the time value of money and cash flow timing.
PV, FV, & Annuity tables
MR. AMIR IKRAM is a resource person with an MPhil from GC University Lahore and an MBIT in Finance from Punjab University. The document contains tables with values for future value (FV), present value (PV), and other time value of money calculations at varying interest rates and time periods. The tables provide the calculations for interest rates from 2% to 18% and time periods from 1 to 50 years for future value, and periods from 1 to 20 years for present value.
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VladTeodor/iStock/Thinkstock
Learning Objectives
After studying Chapter 10, you will be able to:
• Explain the nature and importance of capital investment decisions.
• Identify the relevant cash inflows and outflows in an investment proposal.
• Use four different evaluation methods to evaluate investments.
• Appreciate ethical issues relating to capital investment decisions.
• Comprehend how income taxes and depreciation impact the cash flows of capital investments.
• Understand how the cost of capital is determined.
• Evaluate investment decisions that include inflation, working capital, uneven project lives, differing initial
investments, and asset disposal gains and losses.
• Understand the basic principles of time value of money.
sch84920_10_c10_411-458.indd 411 8/1/17 1:58 PM
© 2017 Bridgepoint Education, Inc. All rights reserved. Not for resale or redistribution.
412
Chapter Outline
10.1 The Importance of Capital Investment Decisions
10.2 The Capital Investment Decision
Cash Flows
Decision Criteria
Time Perspectives
An Example—Equipment Replacement and Capacity Expansion
Formatting the Relevant Data
10.3 The Evaluation Methods
Net Present Value Method
Internal Rate of Return (IRR) Method
Payback Period Method
Accounting Rate of Return Method
10.4 Ethical Issues and Pressures on Management
10.5 Taxes and Depreciation
Income Taxes and Capital Investments
Depreciation Expense
The Tax Shield
10.6 Cost of Capital
10.7 Calculation Issues
Inflation and Future Cash Flows
Working Capital
Uneven Project Lives
Evaluation of Projects With Different Initial Investments
Gains and Losses on Asset Disposals
10.8 The Time Value of Money
Present Value of Money
Present Value of a Series of Future Cash Flows
Present Value Analysis Applied
sch84920_10_c10_411-458.indd 412 8/1/17 1:58 PM
© 2017 Bridgepoint Education, Inc. All rights reserved. Not for resale or redistribution.
413
Capital Investment Alternatives
Rose Stanley, President of Eddington Instruments, grabs her briefcase and heads for
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settles into her coach seat, in front of two screaming kids and behind two salespeople who
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