Bài giảng Financial Management - Chapter 2b - Support: The Business, Tax, and Financial Environments

Chapter 2b - SupportThe Business, Tax, and Financial EnvironmentsSolving Corporate Tax QuestionsSample of how to use Excel to calculate various itemsThe “Inputs” section represents the only needed inputs into Excel – yellow colorThe “Outputs” are generated items based on the internal modeling in Excel – blue colorSo what do we need to calculate these variables?Corporate Taxable Income (Input)Corporate tax modelExcel skills in VLOOKUP and formula creation skillsTax Table in ExcelWhat is “behind the scenes” in calculating the marginal rate, tax liability and average tax rate? it is the same tax table from your text recreated!Tax Table in ExcelOnce I create the table, how do I calculate the marginal rate and tax liability? use VLOOKUP (refer to file VW13E-02b.xlsx)!So how do we create yield curves?Determine what relationship(s) you need to evaluateDetermine where you can locate the dataTransfer data into Excel and create a “Scatter with Smooth Lines and Markers”Let us go through an example.So how do we create yield curves?We have gone to the US Treasury web site (ustreas.gov) and have located the daily rates for April 2008!So how do we create yield curves?Highlight the data from the previous web page and copy it to your clipboard.Paste it into Excel for the example on the right.So how do we create yield curves?Pull the data that you want to graph.The “green” highlighted data represents April 16, 2008.The “blue” highlighted area represents the maturity of the instrument.So how do we create yield curves?In Excel you now click the “Insert” tabClick on the down arrow under “Scatter” on the ribbonChoose “Scatter with Smooth Lines and Markers”Complete your graph as you desire.This represents a “typical” shaped Yield Curve (Treasuries)Refer to VW13-02.xlsx for the above data and graph.