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。） ICEyz|
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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. DbSR(:
Calculate M’s expected dividends for 2008 if it follows each of the following policies: 1=h5Z3/fj
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. !Ln 'Mi_B
B. It continues the 2007 dividend payout ratio. tVe =c
C. It uses a residual policy with all distributions in the form of dividends. BM{*5Lf
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). '
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A: long-run growth rate |[0Ijm2
3*(1+10%) =3.3 million ^`[<%.
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B: target payout ratio !9{hbmF#
Target payout ratio=3/15=20% qj/Zk [
Dividend of 2008=18*2%=3.6 million H#u N&^+H
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C: residual dividend approach =CW> ;h]
Retained earnings=total new investment*(1-debt ratio) VJP #
=12*(1-40%) |2=@8_am
=7.2 million w59q* 2
Residual dividend=18-7.2=10.8 million zBK" k]rz
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) }d>Xh8:%)
Regular dividend=3*(1+10%) =3.3 million A.mFa 1lH
Extra dividend=residual dividend –regular dividend
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=10.8-3.3 ~
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=7.5 million g
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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. &Z3%UOY
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. p>i8aN
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. 3d]~e
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). "iGQ1#6|d
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Answer: 1V9 AnzwX
Notes: [y}h
Actual price=18560/3200=$5.8/unit aOw #]pB|
Actual quantity materials per unit=3200/2000=1.6 kg/unit -L4G)%L\
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1).Standard quantity * standard price=standard total cost 6"+9$nFyW
(1.5*2000) * 6 =$18000 Uf|uFGb
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials }& W=
（3200-3000） * 6 =$1200 tSux5 yV
3)Actual quantity * （actual price- standard price）= Price variance of direct materials "]uP ke@
3200 * (5.8 – 6) =$640 _!VtM#G[
4)actual quantity *actual price =actual total cost .zl[nx[9"D
3200 * 5.8 =$18560 *];
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A：Price variance of direct materials=（actual price-standard price）*actual quantity XI |k,Ko<
= (5.8-6)*3200 z5oJQPPi
= $640 【F】 C7G,M
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. S-}c_zbl;
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price l*OR{!3H$
= (3200-3000)*6 NiWAJ]Z
=$1200 【U】 -)^vO*b 0
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Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. )XavhS~Ff
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C：Total variance of direct materials=actual costs- standard cost 7l$
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=18560-18000 hSw =Oq82
=560 【U】 Axns
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