单选题 Sterling Company is a start-up technology firm that has been experiencing super-normal growth over the past two years. Selected common-size financial information follows:

	2007 Actual % of Sales	2008 Forecast % of Sales
Sales	100 %	100%
Cost of goods sold	60%	55%
Selling and administration expenses	25%	20%
Depreciation expense	10%	10%
Net income	5%	15%
Non-cash operating working capital	20%	25%
Non-cash operating working capital = Receivables + Inventory - Payables

For the year ended 2007, Sterling reported sales of $ 20 million. Sterling expects that sales will increase 50 percent in 2008. Ignoring income taxes, what is Sterling" s forecast operating cash flow for the year ended 2008, and is this forecast likely to be as reliable as a forecast for a large, well diversified, firm operating in mature industries?
Operating cash flow Reliable forecast
①A. $ 4.0 million Yes
②B. $ 4.0 million No
③C. $ 4.5 million No

A、 ①
B、 ②
C、 ③

【正确答案】 B

【答案解析】2008 sales are expected to be $ 30 million ( $ 20 million 2007 sales×1.5) and 2008 net income is expected to be $4.5 million ( $ 30 million 2008 sales×15% ). 2007 non-cash operating working capital was $ 4 million ( $ 20 million 2007 sales×20% ) and 2008 non-cash operating working capital is expected to be $ 7.5 million ( $ 30 million 2008 sales×25 % ). 2008 operating cash flow is expected to be $ 4 million ( $ 4.5 million 2008 net income + $ 3 million 2008 depreciation - $ 3.5 million increase in non-cash operating working capital). Forecasts for small firms, start-ups, or firms operating in volatile industries may be less reliable than a forecast for a large, well diversified, firm operating in mature industries.