参考答案

(1)不改变信用政策:平均收现期=60%×15+40%×80%×30+40%×20%×40=21.8(天)应收账款应计利息=4×100/360×21.8×60/100×12%+2×300/360×21.8×240/300×12%=5.23(万元)存货占用资金的应计利息=(4×20%×50+2×20%×200)×12%=14.4(万元)平均应付账款应计利息=(4×20%×50+2×20%×200)×30%×12%=4.32(万元)
(2)改变信用政策:平均收现期=70%×10+30%×50%×20+30%×50%×40=16(天)应收账款应计利息=1200×40%/360×16×60/100×12%+1200×60%/360×16×240/300×12%=4.61(万元)存货占用资金的应计利息=(4×1200/1000×25%×50+2×1200/1000×25%×200)×12%=21.6(万元)平均应付账款应计利息=(4×1200/1000×25%×50+2×1200/1000×25%×200)×40%×12%=8.64(万元)
(3)每年损益变动额:增加的收入=1200-(4×100+2×300)=200(万元)增加的变动成本=(1200×40%×60/100-4×60)+(1200×60%×240/300-2×240)=144(万元)增加的现金折扣=1200×70%×5%-(4×100+2×300)×60%×2%=30(万元)增加的应收账款应计利息=4.61-5.23=-0.62(万元)增加的应付账款节省的利息=8.64-4.32=4.32(万元)增加的存货占用资金利息=21.6-14.4=7.2(万元)增加的固定成本=130-120=10(万元)增加的收账费用=1200×30%×50%×10%-(4×100+2×300)×40%×20%×10%=10(万元)增加的坏账损失=0增加的税前收益=200-144-30-(-0.62)-10+4.32-7.2-10=3.74(万元)由于信用政策改变后增加的税前收益大于零,所以,公司应该改变信用政策。English answers:
(1) Average colleting period and accrued interests for account receivables before changingthe credit policy:Average cash collection period=60%×15+40%×80%×30+40%×20%×40=21.8(天)Accrued interests for account receivables=4×100/360×21.8×60/100×12%+2×300/360×21.8×240/300×12%=5.23 (万元)Accrued interests for inventories occupied=(4×20%×50+2×20%×200)×12%=14.4 (万元)Accrued interest for average account payables=(4×20%×50+2×20%×200)×30%×12%=4.32 (万元)
(2) Average collecting period and accrued interests for account receivables after changingthe credit policy:Average cash collection period=70%×10+30%×50%×20+30%×50%×40=16 (天)Accrued interests for account receivables=1200×40%/360×16×60/100×12%+1200×60%/360×16×240/300×12%=4.61 (万元)Accrued interests for inventories occupied= (4×1200/1000×25%×50+2×1200/1000×25%×200)×12%=21.6 (万元)Accrued interest for average account payables= (4×1200/1000×25%×50+2×1200/1000×25%×200)×40%×12%=8.64 (万元)
(3) Increased revenues=1200-(4×100+2×300)=200 (万元)Increased variable costs= (1200×40%×60/100-4×60)+(1200×60%×240/300-2×240)=144 (万元)Increased settlement discount=1200×70%×5%-(4×100+2×300)×60%×2%=30 (万元)Accrued interests for increased account receivables=4.61-5.23=-0.62(万元)Interests saved for increased account payables=8.64-4.32=4.32(万元)Accrued interests for increased inventories occupied=21.6-14.4=7.2 (万元)Increased fixed costs=130-120=10 (万元)Increased expenses for collecting=1200×30%×50%×10%-(4×100+2×300)×40%×20%×10%=10 (万元)Increased loss for bad debts=0Increased earnings before tax=200-144-30-(-0.62)-10+4.32-7.2-10=3.74 (万元)Increased earnings before tax is above o after changing credit policy, so the company shouldchange the credit policy.