Key points: the composition of net cash flow should be considered from the cash flow during the construction period, the operation period and the end of the period.
1, net cash flow during construction = original investment.
(1) includes: long-term asset investment (fixed assets, intangible assets, deferred assets, etc.). ) and working capital investment (prepaid working capital).
(2) Estimation of working capital investment (advance payment):
(1) Current capital demand this year = Current assets demand this year-Current liabilities demand this year.
(2) Liquidity investment in a certain year (advance payment) = Liquidity required this year-Liquidity required last year.
2. Net operating cash flow = sales revenue-cash cost-income tax.
= net profit+depreciation and other non-cash costs
= After-tax income-after-tax cash cost+depreciation (amortization) tax credit
= (sales revenue-cash cost) ×( 1- income tax rate)+depreciation × income tax rate.
3. Net cash flow at the end point = recovery amount
(1) includes the net income of fixed assets, the influence of net profit and loss of fixed assets on net cash flow, and the recovery of original paid working capital.
(2) The influence of the net profit and loss of fixed assets on the net cash flow = (book value-net income from price changes) × income tax rate.
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