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。） :@ 8.t,|
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. `V_/Cz_}D
Calculate M’s expected dividends for 2008 if it follows each of the following policies: %mv x }xV
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. R]s jG <
B. It continues the 2007 dividend payout ratio. 6)< o O(
C. It uses a residual policy with all distributions in the form of dividends. o%>n
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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). lz0]p
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Answer: KQZ RzX>0
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A: long-run growth rate vlyNQ7"%
3*(1+10%) =3.3 million AX Jj"hN
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B: target payout ratio $`{q =
Target payout ratio=3/15=20% %LlKi5u]
Dividend of 2008=18*2%=3.6 million M 6Z`Pwv];
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C: residual dividend approach n ?fC_dy
Retained earnings=total new investment*(1-debt ratio) .7Bav5 ;
=12*(1-40%) pR7G/]U$A
=7.2 million L`@&0Zk
Residual dividend=18-7.2=10.8 million 4qR Q,g{$T
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) tl^;iE!-
Regular dividend=3*(1+10%) =3.3 million 9>, \QrrH
Extra dividend=residual dividend –regular dividend } 4`YdN
=10.8-3.3 g8@HAV^H
=7.5 million F+-MafN7Y
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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 $18.560. B>L^XGq
A. Calculate the direct material price variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. ky"7 ^
B. Calculate the direct material quantity variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. E0Xu9IW/A
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). a ' fb0fz
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Answer: cwU6}*_zn
Notes: Dp'af4+%$
Actual price=18560/3200=$5.8/unit Y(mwJud|
Actual quantity materials per unit=3200/2000=1.6 kg/unit $k=r
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1).Standard quantity * standard price=standard total cost L7'n<$F
(1.5*2000) * 6 =$18000 u-cC}DP
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials kQcQi}e
（3200-3000） * 6 =$1200 [vJosbU;
3)Actual quantity * （actual price- standard price）= Price variance of direct materials fP*C*4#X
3200 * (5.8 – 6) =$640 O4 URr
4)actual quantity *actual price =actual total cost ]qQB+]WN
3200 * 5.8 =$18560 EE{%hGb
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A：Price variance of direct materials=（actual price-standard price）*actual quantity TQfY%GKg(
= (5.8-6)*3200 05DtU!
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= $640 【F】 )2\a5iH
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. O3^@" IY
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price _J`M>W)8
= (3200-3000)*6 N4FG_ N
=$1200 【U】 o f<OOh%3
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Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. ba.OjK@
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C：Total variance of direct materials=actual costs- standard cost {GY$J< 5=
=18560-18000 <CdO& xUY
=560 【U】 3KZ h?~B
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