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# Capital Budgeting Worksheet

## Kristoffer Burnett - Certified Management Accountant, 2009-2011

NPV: \$ 12,465 Future cash flows discounted back to the present - the initial cash outflow IRR: MIRR: Payback Period: Profitability Index: 17.7% Cost of capital/hurdle rate that would make NPV = \$0 16.0% Same as IRR, except the assumption is made that cash flows are reinvested at cost of capital/hurdle rate 9.89 The number of years in which undiscounted cash flows will repay the initial investment 1.14 Equals the present value of all future cash flows / initial investment

\$40,000

\$20,000

\$0

(\$20,000)

## Net Cash Flow

(\$40,000)

NPV:

(\$60,000)

(\$80,000)

Initial

Year 02

Year 05

Year 08

Year 11

Year 14

Year 01

Year 03

Year 04

Year 06

Year 07

Year 09

Year 10

Year 12

Year 13

Year 15

(\$100,000)

Kristoffer Burnett - Certified Management Accountant, 2009-2011

## Capital Budgeting Worksheet

Original cost of old asset(s) \$ Salvage value of old asset(s) \$ Depreciable life of old asset(s) in years Cost of new asset(s) \$ Salvage value of new asset(s) \$ Depreciable life of new asset(s) in years Useful life of new asset(s) in years Method of depreciation new asset(s) Effective tax rate 15,000 Price at which old asset could currently be sold Cost of capital/hurdle rate Change in working capital \$ 15.0% Cost of capital = the weighted average cost of debt and equity. Hurdle rate = minimum acceptable rate of return. Either can be used (5,000)
1

## 50,000 Purchase price of asset that is subject to replacement

100,000 Purchase price of replacement asset, including any costs required for use (i.e. transportation, setup, etc.)

## 10 Number of years new asset is subject to depreciation

Method of depreciation old asset(s) Double Decl. Bal. Different methods will affect taxes Current age of old asset(s) in years Current market value of old asset(s) \$

## 5 Number of years old asset has been owned

MACRS This method does not have to be the same one used for the old asset. 35.0% Rate on income before tax

Initial Year 01 Year 02 Year 03 Year 04 Year 05 Year 06 Year 07 Year 08 Year 09 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15

## Capital costs and proceeds (100,000)

Additional costs (995) (817) (1,048) (1,789) (1,651) (1,552) (1,250) (1,681) (1,489) (2,043) (1,505) (1,114) (955) (282) (303)

Taxes (5,170) (5,833) (5,194) (10,113) (9,072) (11,786) (9,251) (9,147) (8,346) (11,057) (8,131) (9,138) (5,221) (2,105) (1,970)

## Net sales proceeds of old asset(s) 15,484

Additional revenue 13,373 14,602 14,344 25,978 22,771 29,216 22,671 24,373 22,916 28,210 20,668 22,122 14,287 5,132 4,992

Additional cost savings 2,392 2,881 1,543 4,706 4,800 6,010 5,011 3,442 2,420 5,425 4,068 5,100 1,586 1,164 939

Depreciation tax shield 2,353 5,383 4,870 4,032 3,226 2,580 2,294 2,294 2,294 2,294 1,147

16,250

5,000

Net cash flow (89,516) 11,954 16,215 14,515 22,814 20,074 24,469 19,475 19,281 17,794 22,829 16,247 16,970 9,697 3,909 24,908