六、英语附加题（本题型共2题，每题5分，共10分。要求用英文解答，列出计算步骤，每步骤运算得数精确到小数点后两位。在答题卷上解答，答案写在试题卷上无效。） ^w ] /
1、In 2007,M Corporation paid dividends totaling ＄3 million on net income of ＄15 million.2007 was a normal year, and for the past five years, earnings have grown at a constant rate of 10 percent. However,earnings are expected to jump to ＄18 million in 2008,and the firm expects to have ＄12 million investment opportunities in 2009.It is predicted that M will not be able to maintain the 2008 level of earnings growth in the future----the high 2008 earnings level is attributable to an exceptionally profitable new product line introduced in that year----and the company will return to its previous 10 percent growth rate. M’s target debt ratio is 40 percent in 2007, which will be continued in the future. 0|R# Tb;Y
Calculate M’s expected dividends for 2008 if it follows each of the following policies: 3qY K_M^[
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. 4}`
B. It continues the 2007 dividend payout ratio. z0|&W&&D
C. It uses a residual policy with all distributions in the form of dividends.
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D. It employs a regular-dividend-plus-extras policy, with the regular dividend being based on the long-run growth rate and the extra dividend being set according to the residual policy(Indicate the regular dividend and the extra dividend separately). (`SRJ$~f
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Answer: )tCX
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A: long-run growth rate \*,=S52
3*(1+10%) =3.3 million n@ w^ V
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B: target payout ratio
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Target payout ratio=3/15=20% :4^\3~i1X
Dividend of 2008=18*2%=3.6 million 8/0Y vh
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C: residual dividend approach A 'G@uD@3
Retained earnings=total new investment*(1-debt ratio) o)OUWGjb/K
=12*(1-40%) b;)~w U=
=7.2 million 0afei4i~N
Residual dividend=18-7.2=10.8 million ]xguBh ]
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) ]7;\E\o
Regular dividend=3*(1+10%) =3.3 million *^([ ~[
Extra dividend=residual dividend –regular dividend + >cBVx6
=10.8-3.3 %,hV [[ @.
=7.5 million DJP2I P
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2. N Company manufactures a kind of product used throughout the machinery industry. The standard price of the materials for the products is $6 per kilogram; the standard quantity of materials allowed per unit is 1.5 kilograms. During July, 2,000 units of the products were finished, for which 3,200 kilograms of materials were used at a total direct material cost of $18.560. K}=|.sE9
A. Calculate the direct material price variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance.
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B. Calculate the direct material quantity variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. Q,& /V_
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). 5OoN!TEM
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Answer: 'ejvH;V3i
Notes: %*#n d
Actual price=18560/3200=$5.8/unit l2; CQ7
Actual quantity materials per unit=3200/2000=1.6 kg/unit H3Se={5h\A
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1).Standard quantity * standard price=standard total cost ?|:BuHkT
(1.5*2000) * 6 =$18000 f]7M'sy |
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials h DV20& hq
（3200-3000） * 6 =$1200 8ssJ<LP
3)Actual quantity * （actual price- standard price）= Price variance of direct materials RxMH!^
3200 * (5.8 – 6) =$640 E*?<KZe"
4)actual quantity *actual price =actual total cost tDr#H!2
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3200 * 5.8 =$18560 J[^} u_z
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A：Price variance of direct materials=（actual price-standard price）*actual quantity M)sZSH.<O
= (5.8-6)*3200 0euuT@_$
= $640 【F】 w,R[C\#J
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. 1Z{ZV. !
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price %%cHoprDa
= (3200-3000)*6 -48vJR*tC
=$1200 【U】 <L&m4O#|
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Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. hK<5KZ/4
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C：Total variance of direct materials=actual costs- standard cost S~]mWxgZ
=18560-18000 ! ZU2{
=560 【U】 ^( Rvk
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