Kumpulan Soal Analyzing Project Cash Flow

1. KUMPULAN SOAL
MENGANALISA ARUS KAS PROYEK
(ANALYZING PROJECT CASH FLOWS)
MAKALAH
Disusun Untuk Memenuhi Tugas Mata Kuliah
Manajemen Keuangan
Oleh :
Ardan Cahya Widayat (03)
Kyo Laerely Jehan Pentrys (14)
Riswanty Rayhan Wizdhani (25)
Kelas 3-04
Prodi D–III Kebendaharaan Negara
Jurusan Manajemen Keuangan
POLITEKNIK KEUANGAN NEGARA STAN
2019

2. 2
1. PT DEF memperkenalkan produk kendaraan baru dengan asumsi mereka akan
memperoleh Net Operating Income sebesar $800.000. PT DEF merupakan perusahaan
kena pajak dengan tarif 30%. Dalam membuat produk ini, menghasilkan depresiasi aset
tetap sebesar $150.000 per-tahun. Selain itu, diketahui informasi berikut :
Tanpa Proyek Dengan proyek
Piutang Dagang (A/R) $50.000 $80.000
Persediaan (Inventory) $80.000 $150.000
Utang Dagang (A/P) $70.000 $100.000
Berapa arus kas bebas (Free Cash Flow) proyek ini pada tahun pertama?
Jawaban
Rumus :
Arus kas operasi = $800.000 - $240.000 + $80.000
= $640.000
Perubahan NOWC = $30.000 + $70.000 – $30.000
= $70.000
Arus kas bebas = $640.000 - $70.000
= $570.000
2. Bunda Motor mengenalkan produk kendaraan baru mereka dengan asumsi mereka akan
memperoleh Net Operating Income sebesar $250.000. Bunda Motor merupakan
perusahaan kena pajak dengan tarif 30%. Dalam membuat produk ini, menghasilkan
depresiasi aset tetap sebesar $75.000 per-tahun. Selain itu, diketahui informasi berikut
:
Tanpa Proyek Dengan proyek
Piutang Dagang (A/R) $70.000 $100.000
Persediaan (Inventory) $50.000 $120.000
Utang Dagang (A/P) $40.000 $90.000
Berapa arus kas bebas (Free Cash Flow) proyek ini pada tahun pertama?
Jawaban

3. 3
Rumus :
Arus kas operasi = $250.000 - $75.000 + $75.000
= $250.000
Perubahan NOWC = $30.000 + $70.000 – $50.000
= $50.000
Arus kas bebas = $250.000 - $50.000
= $200.000
3. UD Jati Baru mengenalkan produk furnitur baru mereka dengan asumsi mereka akan
memperoleh Net Operating Income sebesar $100.000. Bunda Motor merupakan
perusahaan kena pajak dengan tarif 30%. Dalam membuat produk ini, menghasilkan
depresiasi aset tetap sebesar $25.000 per-tahun. Selain itu, diketahui informasi berikut
:
Tanpa Proyek Dengan proyek
Piutang Dagang (A/R) $10.000 $20.000
Persediaan (Inventory) $5.000 $15.000
Utang Dagang (A/P) $5.000 $20.000
Berapa arus kas bebas (Free Cash Flow) proyek ini pada tahun pertama?
Jawaban
Rumus :
Arus kas operasi = $100.000 - $30.000 + $25.000
= $95.000
Perubahan NOWC = $10.000 + $10.000 – $15.000
= $5.000

4. 4
Arus kas bebas = $95.000 - $5.000
= $90.000
4. Perusahaan sepeda “Kaka” mengenalkan produk sepeda baru mereka dengan asumsi
mereka akan memperoleh Net Operating Income sebesar $500.000. Bunda Motor
merupakan perusahaan kena pajak dengan tarif 30%. Dalam membuat produk ini,
menghasilkan depresiasi aset tetap sebesar $200.000 per-tahun. Selain itu, diketahui
informasi berikut :
Tanpa Proyek Dengan proyek
Piutang Dagang (A/R) $100.000 $175.000
Persediaan (Inventory) $75.000 $125.000
Utang Dagang (A/P) $105.000 $150.000
Berapa arus kas bebas (Free Cash Flow) proyek ini pada tahun pertama?
Jawaban
Rumus :
Arus kas operasi = $500.000 - $150.000 + $200.000
= $550.000
Perubahan NOWC = $75.000 + $50.000 – $45.000
= $80.000
Arus kas bebas = $550.000 - $80.000
= $470.000
5. Asumsikan bahwa sebuah proyek baru menghasilkan pendapatan sebesar $1.500.000
dan beban-bebannya (baik biaya tetap dan variabel) sebesar $750.000, sedangkan
depresiasi aset tetapnya sejumlah $150.000 per-tahun. Jika tarif pajak yang dikenakan
sebesar 30%, hitung arus kas operasi (Operating Cash Flows) dari proyek baru tersebut!
Jawaban
Rumus :

5. 5
Laba/Net Operating Income = $1.500.000 - $750.000 - $150.000
= $600.000
Arus kas operasi = $600.000 - $180.000 + $150.000
= $570.000
6. Diketahui =
Revenues = $4 million per year
Expenses = $800,000
Depreciation = $150,000 per year
Tax rate = 34%
Ditanya = Net operating profit after tax and annual operating cash flows?
Jawab =
Revenues $ 4,000,000
Less: COGS
=Gross profit $ 4,000,000
Less: Cash operating
expenses
(800,000)
Less: Depreciation (150,000)
=Net operating
income
$ 3,050,000
Less: Taxes (34%) (1,037,000)
=Net operating profit
after taxes (NOPAT)
$ 2,013,000
Plus: Depreciation 150,000
=Operating cash flow $ 2,163,000
7. Diketahui =
unit sales= 15,000
Sales price= $ 250 each
Variable cost= $ 55 each
Fixed cost= $ 340,000

6. 6
Capital expenditure= $800,000
n= 5 years
Depreciated using straight-line method
Net working capital= $ 30,000
Tax rate= 34%
Ditanya =
a. Initial cash outlay?
b. Annual net cash flows for Years 1 through 5?
c. Terminal cash flow in Year 5?
d. NPV if required rate of return is 20%?
Jawab =
a.
Sales price $ 3,750,000
Less: Tax on gain (1,275,000)
After-tax proceeds from the sale
of skateboards
$ 2,475,000
Operating working capital 30,000
Initial cash flows $ 2,505,000
b.
Years 1-4 Year 5
Revenue $ 3,750,000 $ 3,750,000
Less: COGS (825,000) (825,000)
Gross profit $ 2,925,000 $ 2,925,000
Less: Cash
operating expenses
(340,000) (340,000)
Less: depreciation (160,000) (160,000)
Net operating
income
$ 2,425,000 $ 2,425,000
Less: Taxes (824,500) (824,500)
Net operating
after tax
$ 1,600,500 $ 1,600,500
Plus: depreciation 160,000 160,000
Operating cash
flows
$ 1,760,500 $ 1,760,500
Less: net operating
working capital
(30,000) 30,000
Less: CAPEX (800,000)

7. 7
Free cash flows $ (830,000) $ 1,760,500 $ 1,790,500
Depreciation= $ 800,000:5 = $ 160,000
c. Terminal cash flow = Free cash flow in year 5 + net operating working capital
= $ 1,790,500
d. 𝑁𝑃𝑉 = 𝐶𝐹0 +
𝐶𝐹
1
(1+𝑘)
1 +
𝐶𝐹
2
(1+𝑘)
2+ ⋯+
𝐶𝐹
𝑛
(1+𝑘)
𝑛
𝑁𝑃𝑉 = (2,505,000) +
1,760,500
(1 + 20%)1 +
1,760,500
(1 + 20%)2 + ⋯+
1,790,500
(1 + 20%)5
NPV = $ 2,772,029
8. Diketahui =
unit sales= 3,000
n= 5 years
Sales price= $ 6,000 each
Variable cost= $ 250 each
Fixed cost= $ 2,000,000
Cost to purchase new equipment= $ 4,800,000
Depreciated using straight-line method
Incremental investment = $ 800,000
Tax rate = 34%
Ditanya =
a. Initial outlay?
b. Net cash flows for Years 1 through 5?
c. Terminal cash flows in Year 5?
d. NPV if required rate of return is 5%?
Jawab =
a. Initial outlay = Cost to purchase new equipment + incremental investment
= 4,800,000 + 800,000
= $ 5,600,000
b.

8. 8
Years 1-4 Year 5
Revenue $ 18,000,000 $ 18,000,000
Less: COGS
(VC*unit)
(750,000) (750,000)
Gross profit $ 17,250,000 $ 17,250,000
Less: Cash
operating expenses
(2,000,000) (2,000,000)
Less: depreciation (960,000) (960,000)
Net operating
income
$ 14,290,000 $ 14,290,000
Less: Taxes (4,858,600) (4,858,600)
Net operating
after tax
$ 9,431,400 $ 9,431,400
Plus: depreciation 960,000 960,000
Operating cash
flows
$ 10,391,400 $ 10,391,400
Less: net operating
working capital
(800,000) 800,000
Less: CAPEX (4,800,000)
Free cash flows $
(5,600,000)
$ 10,391,400 $ 11,191,400
Depreciation= Cost to purchase new equipment : n
= $ 4,800,000 : 5 = $ 960,000
c. Terminal cash flow = $ 11,191,400
d. 𝑁𝑃𝑉 = (5,600,000) +
10,391,400
(1+5%)
1 +
10,391,400
(1+5%)
2 + ⋯+
11,191,400
(1+5%)
5
NPV = $ 40,016,144
9. Diketahui =
Increase in earnings before interest and taxes= EBIT= $ 50,000 per year
Purchase price= $200,000
Installation cost= $8,000
Increased in inventory= Incremental working capital= $ 10,000
n= 5 years
Tax rate= 34%
Required rate of return= 10%
Ditanya =
a. Initial outlay?

9. 9
b. After-tax cash flows for Years 1 through 4?
c. Terminal cash flows in Year 5?
d. Should this machine be purchased?
Jawab =
a. Initial outlay = $200,000+$8,000+$10,000
= $ 218,000
b. Operating cash flows = EBIT – Taxes + Depreciation
= $ 50,000 – ($ 50,000*34%) + ($200,000:5)
= $ 73,000
c. Terminal cash flow in Year 5 = Operating cash flow+additional net operating working capital
= $ 73,000 + $ 10,000 = $ 83,000
d. (Using Excel) =NPV(10%,73000,73000,73000,73000,83000)-83000
NPV = $ 199,936.65
The firm should purchase this machine because the NPV of this project is positive.
10. Diketahui =
Purchase price= $ 500,000
EBIT = $ 350,000 per year
Installation cost= $ 20,000
Training cost= $ 80,000
Increase in inventory=incremental working capital= $ 120,000
n= 8 years
Tax rate= 34%
Required rate of return= 20%
Ditanya =
a. Initial outlay?
b. Annual after-tax cash flows for Years 1 through 7?
c. Terminal cash flow in Year 8?
d. Should this machine be purchased?
Jawab =

10. 10
a. Initial outlay = Purchase price + Incrementalworking capital + Installation cost + Training
cost
= $ 500,000 + 120,000 + 20,000 + 80,000
= $ 720,000
b. Operating cash flows = EBIT – Taxes + Depreciation
= $350,000 – (350,000*34%) + (500,000:8)
= $293,500
c. Terminal cash flows = Operating cash flows + Incrementalworking capital
= $ 293,500 + $ 120,000
= $ 413,500
d. (Using Excel) =NPV(20%,293500,293500,293500,293500,293500,293500,293500,413500)-
413500
NPV = $740,614.57
11. Diketahui =
Tax rate = 34%
Required rate of return = 20%
n = 4 years
Cost of new plant and equipment = $ 220,000,000
Shipping and installation cost = $ 1,400,000
Unit sales:
Year Units Sold
1 500,000
2 680,000
3 800,000
4 700,000
Sales price = $ 600/unit in Years 1-3, $ 400/unit in Year 4
Variable cost = $ 220/unit
Annual fixed cost = $ 8,000,000
Initial working capital = $ 1,800,000
Working capital = 10% sales
Years 1-2 = working capital increase
Year 3 = working capital decrease

11. 11
Year 4 = all working capital is liquidated
Ditanya = Net cash flows, NPV, and the profitability indeks?
Jawab =
(in million)
Working capital = 10% sales
Year 1 Year 2 Year 3 Year 4
Revenue $ 300 $ 408 $ 480 $ 280
Less: Variable
cost
(110) (149.6) (176) (154)
Less: Fixed cost (8) (8) (8) (8)
Less:
depreciation
(55) (55) (55) (55)
Net operating
income
$ 127 $ 195.4 $ 241 $ 63
Less: Taxes (43.18) (66.4) (81.94) (21.42)
Net operating
after tax
$ 83.82 $ 129 $ 159 $ 41.58
Plus:
depreciation
55 55 55 55
Operating cash
flows
$ 138.82 $ 184 $ 214 $ 96.58
Less: net
operating
working capital
$ (1.8) $ (28.2) $ (10.8) $ (7.2) $ 20
Less: CAPEX (221.4)
Free cash flows $ (223.2) $ 110.62 $ 173.2 $ 206.8 $ 116.58
Calculating NPV using Excel.
=NPV(20%,110.62,173.2,206.8,115.58) – 223.2
NPV = $ 165.16 million
Profitability index = PV : CF0
=
110.62
(1+20%)
1 +
173 .2
(1+20%)
2 +
206 .8
(1+20%)
3 +
116 .58
(1+20%)
4 : 223.2
= $ 388.36 : $223.2
PI = $ 1.74 million
12. Diketahui = Old cutter: Bv=Salvage value = $ 85,000

12. 12
Depreciation= $ 10,000 per year
New cutter: Purchase price = $ 300,000
Salvage value = $ 25,000
Labor savings = $ 80,000 per year
Tax rate = 34%
n= 5 years
Ditanya =
a. Differential operating cash flow savings per year for the new plasma cutter?
b. Initial cash outlay required to replace the existing plasma cutter?
c. Sketch a timeline for the replacement project!
d. If the discount rate is 20%, should the fleet be replaced?
Jawab =
a. ∆Cash operating expense = - $80,000
∆Depreciation= new depreciation – old depreciation
= ((300,000-25,000):5)-10,000
=$ 45,000
∆Net operating income = ∆revenue - ∆cash operating expense - ∆depreciation
= 0 – (-$80,000) - $ 45,000
= $ 35,000
∆Operating cash flow = ∆net operating income - ∆taxes + ∆depreciation
= $ 35,000*(1-34%) + $ 45,000
= $ 68,100
b. Initial cash outlay = -$300,000 + $ 85,000
= -$ 215,000
c.
0 1 2 3 4 5
-$215,000 $68,100 $68,100 $68,100 $68,100 $93,100
d. (Using Excel)
=NPV(20%,68100,68100,68100,68100,93100)-215000
NPV = -$1,292.37 (Rejected)
Profitability Index
=NPV(20%,68100,68100,68100,68100,93100)/215000
PI = $ 0.99 (Rejected)

13. 13
13. Perusahaan Salam diketahui merupakan perusahaan kena pajak dengan tarif 30%.
Proyek ini akan berlangsung selama lima tahun. Diketahui tambahan peralatan dan
mesin baru sebesar $495.000, ongkos kirim dan biaya instalasi peralatan dan mesin
baru sebesar $5.000. Harga barang per-unit sebesar $75 dan pada tahun kelima sebesar
$50. Data target penjualan sebagai berikut:
Tahun Jumalah Unit
Terjual
1 5.000
2 7.500
3 15.000
4 10.000
5 12.500
Besar biaya variabel adalah $25/unit dan biaya tetap sebesar $60.000/tahun. Di awal
proyek tersedia net operating working capital sebesar $20.000 untuk proyek dan
stagnan setiap tahunnya berjumlah $20.000. Perusahaan menggunakan metode garis
lurus dalam menghitung depresiasi dengan nilai residu $0.
Hitung arus kas bersih (net cash flows) proyek tersebut!
Jawaban
a. Menentukan besar depresiasi
Depresiasi tiap tahun = (harga perolehan-nilai residu)/usia ekonomis
= ($500.000 – $0)/5
= $100.000
b. Menentukan profit/net operating income
T
h
Unit
Terjual
Harg
a Jual
Pendapatan
(Unit terjual
x Harga
Jual)
Biaya
Variabe
l
Total
Biaya
Variabel
Biaya
Tetap
Total
Biaya
Gross
Profit
1 5.000
$
75
$
375.000
$
25 $125.000
$
60.000 $185.000 $190.000
2 7.500
$
75
$
562.500
$
25 $187.500
$
60.000 $247.500 $315.000
3 15.000
$
75
$
1.125.000
$
25 $375.000
$
60.000 $435.000 $690.000
4 10.000
$
75
$
750.000
$
25 $250.000
$
60.000 $310.000 $440.000
5 12.500
$
50
$
625.000
$
25 $312.500
$
60.000 $372.500 $252.500

14. 14
Profit :
Gross profit – depresiasi
Tahun Gross Profit Depresiasi Profit
1 $190.000 $ 100.000 $ 90.000
2 $315.000 $ 100.000 $ 215.000
3 $690.000 $ 100.000 $ 590.000
4 $440.000 $ 100.000 $ 340.000
5 $252.500 $ 100.000 $ 152.500
c. Menentukan Net Operating Profit After Taxes
Profit - Pajak
T
h
Profit Pajak Besar Pajak Profit Setelah Pajak
1 $ 90.000 30% $ 27.000 $ 63.000
2 $ 215.000 30% $ 64.500 $150.500
3 $ 590.000 30% $ 177.000 $413.000
4 $ 340.000 30% $ 102.000 $238.000
5 $ 152.500 30% $ 45.750 $106.750
d. Menentukan arus kas operasi
Profit setelah pajak + Depresiasi
Th Profit Setelah Pajak Depresiasi Arus Kas Operasi
1 $ 63.000 $ 100.000 $163.000
2 $150.500 $ 100.000 $250.500
3 $413.000 $ 100.000 $513.000
4 $238.000 $ 100.000 $338.000
5 $106.750 $ 100.000 $206.750
e. Menentukan arus kas bebas

15. 15
Th Arus Kas Operasi NOWC Arus Kas Bebas
1 $163.000 $ 20.000 $143.000
2 $250.500 $ 20.000 $230.500
3 $513.000 $ 20.000 $493.000
4 $338.000 $ 20.000 $318.000
5 $206.750 $ 20.000 $186.750
14. Diketahui:
- Purchase price : $ 1.000.000
- EBIT : $ 250.000
- Training cost : $ 50.000
- Installation cost : $ 100.000
- Increase in inventory : Incremental working capital : $ 350.000
- N : 5 years
- Tax rate : 34%
- Required rate of return : 10%
Ditanyakan:
a. Initial outing?
b. After tax cash flows associated for years 1 through 4?
c. Terminal cash flows in year 5?
d. Should this machine purchased?
Jawab:
a. Initial outlay = Purchase price + Training cost + Installation cost + Incremental
working capital
Initial outlay = $ 1.000.000 + $ 50.000 + $ 100.000 + $ 350.000
Initial outlay = $ 1.500.000
b. Operating cash flows = EBIT – Taxes + Depreciation
Operating cash flows = $ 250.000 – ( $ 250.000 x 34% ) + ( $ 1.000.000 : 5 )
Operating cash flows = $ 250.000 - $ 85.000 + $ 200.000
Operating cash flows = $ 365.000
c. Terminal cash flows = Operating cash flows + Incremental working capital
Terminal cash flows = $ 365.000 + $ 350.000

16. 16
Terminal cash flows = $ 715.000
d. [Using Excel] =NPV(10%,365000,365000,365000,365000,715000) – 715000
NPV = $ 885.959,63
15. Diketahui:
- Purchase price : $ 15.000.000
- EBIT : $ 3.000.000
- Installation cost : $ 1.500.000
- Increase in inventory = Incremental working capital : $ 2.500.000
- N : 4 years
- Tax rate : 34%
- Required rate of return : 30%
Ditanyakan:
e. Initial outing?
f. After tax cash flows associated for years 1 through 3?
g. Terminal cash flows in year 4?
h. Should this machine purchased?
Jawab:
e. Initial outlay = Purchase price + Installation cost + Incremental working capital
Initial outlay = $ 15.000.000 + $ 1.500.000 + $ 2.500.000
Initial outlay = $ 19.000.000
f. Operating cash flows = EBIT – Taxes + Depreciation
Operating cash flows = $ 3.000.000 – ( $ 3.000.000 x 34% ) + ( $ 15.000.000 : 4 )
Operating cash flows = $ 3.000.000 - $ 1.020.000 + $ 3.750.000
Operating cash flows = $ 5.730.000
g. Terminal cash flows = Operating cash flows + Incremental working capital
Terminal cash flows = $ 5.730.000 + $ 2.500.000
Terminal cash flows = $ 8.230.000
h. [Using Excel] =NPV(30%,5730000,5730000,5730000,8230000) – 8230000
NPV = $ 5.057.878,58

17. 17
16. Diketahui:
- Tax rate : 34%
- Required rate of return : 10%
- N : 5 years
- Cost of new plant & equipment : $ 20.000.000
- Shipping & installation cost : $ 120.000
- Unit sales
Year Units Sold
1 80.000
2 100.000
3 100.000
4 70.000
5 60.000
- Sales price per unit : $ 200/unit in years 1 – 4, $ 150/unit in year 5
- Variable cost per unit : $ 100/unit
- Annual fixed cost : $ 500.000
- Initial working capital : $ 200.000
- Working capital : 10% sales
- Years 1 – 3 working capital increase
Year 4 working capital decrease
Year 5 all working capital is liquidated
Ditanyakan:
- Net cash flow, NPV, and the profitability index?
Jawab:
Year 1 Year 2 Year 3 Year 4 Year 5
Revenue $
16.000.00
0
$
20.000.000
$
20.000.000
$
14.000.00
0
$
9.000.000
Less:
Variable
cost
($
8.000.000
)
($
10.000.000
)
($
10.000.000
)
($
7.000.000
)
($
6.000.000
)
Less: Fixed
cost
($
500.000)
($
500.000)
($
500.000)
($
500.000)
($
500.000)
Less:
Depreciatio
n
($
4.024.000
)
($
4.024.000)
($
4.024.000)
($
4.024.000
)
($
4.024.000
)
Net
operating
income
$
3.476.000
$
5.476.000
$
5.476.000
$
2.476.000
($
1.524.000
)
Less: Taxes ($
1.181.840
)
($
1.861.840)
($
1.861.840)
($
841.840)
($
518.160)

18. 18
Net
operating
after tax
$
2.294.160
$
3.614.160
$
3.614.160
$
1.634.160
($
1.005.840
)
Plus:
Depreciatio
n
$
4.024.000
$
4.024.000
$
4.024.000
$
4.024.000
$
4.024.000
Operating
cash flows
$
6.318.160
$
7.638.160
$
7.638.160
$
5.658.160
$
3.018.160
Less: net
operating
working
capital
($
200.000)
($
1.400.000
)
($
400.000)
($
200.000)
($
800.000)
$ 100.000
Less:
CAPEX
($
20.120.000
)
Free cash
flows
$
19.920.000
$
4.918.160
$
7.238.160
$
7.438.160
$
4.858.160
$
3.118.160
- Calculating NPV using Excel:
[Using Excel] =NPV(10%,4918160,7238160,7438160,4858160,3118160) –
19920000
NPV = $ 1.375.725,34
- Profitability Index
= PV : CF0
= [ 4.918.160/(1,1) + 7.238.160/(1,1)2 + 7.438.160/(1,1)3 + 4.858.160/(1,1)4 +
3.118.160/(1,1)5 ] : 19.920.000
= [ 4.471.054 + 5.981.950 + 5.588.399 + 3.318.188 + 1.936.132 ] : 19.920.000
= $ 1,0690624
17. Diketahui:
- Old fleet of trucks:
 Bv=Salvage value : $ 250.000
 Depreciation : $ 15.000 per year
- New fleet of trucks:
 Purchase price : $ 5.000.000
 Salvage value : $ 1.500.000
 Labor savings : $ 800.000 per year
 Tax rate : 30%
 N : 5 years
Ditanyakan:

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a. Diferential operating cash flow savings per year for the new fleet of trucks?
b. Initial cash outlay required to replace the existing fleet of trucks?
c. Sketch a timeline for the replacement project!
d. If the discount rate is 25%, should the fleet be replaced?
Jawab:
a. ∆ Cash operating expense = ($ 800.000)
∆ Depreciation
= New depreciation – Old depreciation
= [(5.000.000 – 1.500.000) : 5] – 250.000
= $ 450.000
∆ Net operating income
= ∆ Revenue - ∆ Cash operating expense - ∆ Depreciation
= 0 + 800.000 – 450.000
= $ 350.000
∆ Operating cash flow
= ∆ Net operating income - ∆ Taxes + ∆ Depreciation
= 350.000 x (1 – 0,3) + 450.000
= $ 695.000
b. Initial cash outlay = ($ 5.000.000) + $ 250.000
Initial cash outlay = ($ 4.750.000)
c.
0 1 2 3 4 5
($ 4.750.000) $ 695.000 $ 695.000 $ 695.000 $ 695.000 $
1.045.000
d.
- [Using Excel]
=NPV(25%,695000,695000,695000,695000,1045000) – 4750000
NPV = -$ 2.766.262,40 (Rejected)
- Profitability Index
=NPV(25%,695000,695000,695000,695000,1045000)/4750000
PI = $ 0,42 (Rejected)

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18. PT TNT, sebuah perusahaan layanan jasa pengiriman ekspedisi, berencana membeli
truk baru seharga $200.000 dengan biaya karoseri dan pengecatan masing-masing
$20.000 dan $5.000. Truk baru ini memiliki usia ekonomis 5 tahun dan nilai residu
sebesar $20.000 dengan metode depresiasi garis lurus. Truk baru tersebut digunakan
untuk mengganti truk lama yang telah terdepresiasi penuh, namun dapat dijual senilai
$10.000. Truk baru menghabiskan biaya bahan bakar sebesar $50.000 per-tahun
dibandingkan dengan truk lama yang menghabiskan $80.000 per-tahun. Biaya
perawatan truk baru juga memakan biaya $10.000 per-tahun dibandingkan dengan truk
lama sebesar $20.000. Tarif pajak atas laba penjualan truk sebesar 30%. Truk baru
dapat menghasilkan $25.000 setiap tahunnya, sedangkan truk lama hanya
menghasilkan $15.000 karena kapasitas dan efisiensi.
a. Berapa arus kas keluar pertama (initial outlays) untuk mengganti truk lama
dengan yang baru?
b. Berapa arus kas dari truk baru selama lima tahun penggunaannya?
Jawaban
a. Arus kas keluar pertama (Initial Outlays)
Tahun 0 Mesin Baru Mesin Lama
Harga Pembelian Truk -$200,000
Biaya Karoseri -$20,000
Biaya Pengecatan -$5,000
Total Biaya -$225,000
Harga Penjualan Aset $10,000
Dikurangi : pajak
(.03 x $10.000)
-$3.000
Arus Kas Bersih $7,000
Arus Kas akibat
Penggantian Truk
-$218,000
b. Arus kas dari truk baru selama lima tahun penggunaannya
Arus Kas Masuk Years 1-4 Year 5
Peningkatan Pendapatan Operasi $10.000 $10.000
Pengurangan Biaya Bahan Bakar $30.000 $30.000
Pengurangan Biaya Perawatan $10.000 $10.000
Total Arus Kas $50,000 $50,000

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Referensi
Titman, Keown, Martin. 2013. Financial Management Principles and Applications 12th
edition. USA: Pearson