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Lecture Chapter 10: Making Capital Investment Decisions

Contents: Capital Budgeting and Cash Flows, Incremental Cash Flows, Pro Forma Financial Statements, Operating Cash Flows Replacement Decisions, Discounted Cash Flow Analysis. | 10-1 Making Capital Investment Decisions Chapter 10 Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Notes to the Instructor: The PowerPoints are designed for an introductory finance class for undergraduates with the emphasis on the key points of each chapter Each chapter’s PowerPoint is designed for active learning by the students in your classroom Not everything in the book’s chapter is necessarily duplicated on the PowerPoint slides There are two finance calculators used (when relevant). You can delete the slides if you don’t use both TI and HP business calculators Animation is used extensively. You can speed up, slow down or eliminate the animation at your discretion. To do so just open a chapter PowerPoint and go to any slide you want to modify; click on “Animations” on the top of your PowerPoint screen tools; then click on “Custom Animations”. A set of options will appear on the right of your screen. You can “change” or “remove” any line | 10-1 Making Capital Investment Decisions Chapter 10 Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Notes to the Instructor: The PowerPoints are designed for an introductory finance class for undergraduates with the emphasis on the key points of each chapter Each chapter’s PowerPoint is designed for active learning by the students in your classroom Not everything in the book’s chapter is necessarily duplicated on the PowerPoint slides There are two finance calculators used (when relevant). You can delete the slides if you don’t use both TI and HP business calculators Animation is used extensively. You can speed up, slow down or eliminate the animation at your discretion. To do so just open a chapter PowerPoint and go to any slide you want to modify; click on “Animations” on the top of your PowerPoint screen tools; then click on “Custom Animations”. A set of options will appear on the right of your screen. You can “change” or “remove” any line of that particular slide using the icon on the top of the page. The speed is one of the three options on every animation under “timing”. Effort has been made to maintain the basic “7x7” rule of good PowerPoint presentations. Additional problems and/or examples are available on McGraw-Hill’s Connect. 1 10-2 Chapter Outline Capital Budgeting and Cash Flows Incremental Cash Flows Pro Forma Financial Statements Operating Cash Flows Replacement Decisions Discounted Cash Flow Analysis 10-3 Chapter Outline Capital Budgeting and Cash Flows Incremental Cash Flows Pro Forma Financial Statements Operating Cash Flows Replacement Decisions Discounted Cash Flow Analysis 10-4 Capital Budgeting and Cash Flows In the previous chapter we focused on multiple techniques of capital budgeting to evaluate projects. This chapter is all about how each of the cash flows (CF’s) are determined. 10-5 Project Example - Visual R = 12% $ -165,000 1 2 3 CF1 = 63,120 CF2 = 70,800 CF3 = 91,080 The required return for