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。） 5iZ;7
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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. '=(@3ggA:
Calculate M’s expected dividends for 2008 if it follows each of the following policies: G8@LH
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings.
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B. It continues the 2007 dividend payout ratio. yC9~X='D
C. It uses a residual policy with all distributions in the form of dividends. v4W<_
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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). 13MB 1n
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Answer: POb2U1Sj
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A: long-run growth rate ,Ad{
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3*(1+10%) =3.3 million Ht7v+lY90^
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B: target payout ratio T%@qlEmf
Target payout ratio=3/15=20% O/lu0acI
Dividend of 2008=18*2%=3.6 million wyUfmk_}
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C: residual dividend approach X~rHNRIU
Retained earnings=total new investment*(1-debt ratio) SAUG+{Uq
=12*(1-40%) 7s2e> 6Q [
=7.2 million JA
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Residual dividend=18-7.2=10.8 million xj. )
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) Wq/0 }W.
Regular dividend=3*(1+10%) =3.3 million Q_FL8w9D~8
Extra dividend=residual dividend –regular dividend (lLCAmK 5?
=10.8-3.3 K~jN"ev
=7.5 million r B-}<22.
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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 $18.560. 2D"\Ox
A. Calculate the direct material price variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. {>zQW{!
B. Calculate the direct material quantity variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. 3R[,,WAj$
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). ziG]BZ
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Answer: K& % YTA
Notes: @^K_>s9B
Actual price=18560/3200=$5.8/unit Yf[GpS ej
Actual quantity materials per unit=3200/2000=1.6 kg/unit =d 1R9O
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1).Standard quantity * standard price=standard total cost nCSXvd/
(1.5*2000) * 6 =$18000 e(EXQP2P>
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials KGsW*G4U=
（3200-3000） * 6 =$1200 U?yKw H^{
3)Actual quantity * （actual price- standard price）= Price variance of direct materials 4e9'yi
3200 * (5.8 – 6) =$640 #{Gojg`5O
4)actual quantity *actual price =actual total cost KI8Q
=*
3200 * 5.8 =$18560 ~0ZLaiJ
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A：Price variance of direct materials=（actual price-standard price）*actual quantity 7|$
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= (5.8-6)*3200 [iT#Pu5
= $640 【F】 .
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Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. PU{7 s
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price 4@ =l'Fw
= (3200-3000)*6 J3#
=$1200 【U】 SBqx_4}
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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. ]
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C：Total variance of direct materials=actual costs- standard cost 4.0JgX
=18560-18000 4e 5 5
=560 【U】 w`F4.e
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