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。） .`Q^8|$-K
1、In 2007,M Corporation paid dividends totaling ＄3 million on net income of ＄15 million.2007 was a normal year, and for the past five years, earnings have grown at a constant rate of 10 percent. However,earnings are expected to jump to ＄18 million in 2008,and the firm expects to have ＄12 million investment opportunities in 2009.It is predicted that M will not be able to maintain the 2008 level of earnings growth in the future----the high 2008 earnings level is attributable to an exceptionally profitable new product line introduced in that year----and the company will return to its previous 10 percent growth rate. M’s target debt ratio is 40 percent in 2007, which will be continued in the future. Ij$C@hH
Calculate M’s expected dividends for 2008 if it follows each of the following policies: \ H~zN]3^
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. O =;jDWE
B. It continues the 2007 dividend payout ratio. tU5uL.( O
C. It uses a residual policy with all distributions in the form of dividends. r fzNw
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). z DU=2c4W9
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Answer: _CfJ Kp)
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A: long-run growth rate DY
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3*(1+10%) =3.3 million ]8}51 y8
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B: target payout ratio N0.|Mb"?t
Target payout ratio=3/15=20% g;v;xlY`N
Dividend of 2008=18*2%=3.6 million Xl$, f`f~
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C: residual dividend approach 7 @
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Retained earnings=total new investment*(1-debt ratio) 3+15
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=12*(1-40%) BHf$ %?3z,
=7.2 million __2<v?\
Residual dividend=18-7.2=10.8 million h%krA<G9
LP=j/qf|
D: regular-dividend-plus-extra dividend approach (according to the residual policy)
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Regular dividend=3*(1+10%) =3.3 million * <\K-NSL
Extra dividend=residual dividend –regular dividend wWy; dma#
=10.8-3.3 m3 gv %h
=7.5 million 5,pNqXR 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. ;Mup@)!j
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. sVK?sBs]
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. USEb} M`
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). MDU#V
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Answer: $
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Notes: 1^4:l!0D
Actual price=18560/3200=$5.8/unit *y!O\-\S#>
Actual quantity materials per unit=3200/2000=1.6 kg/unit xwf-kwF8^
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1).Standard quantity * standard price=standard total cost :-B+W9'5
(1.5*2000) * 6 =$18000 4 P&2Z0
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials 8 o$rF7.-
（3200-3000） * 6 =$1200 V }Y*Yv
3)Actual quantity * （actual price- standard price）= Price variance of direct materials MQQm3VaKS
3200 * (5.8 – 6) =$640 U} RBgPX!
4)actual quantity *actual price =actual total cost ;^5k _\
3200 * 5.8 =$18560 du66a+@t
=
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A：Price variance of direct materials=（actual price-standard price）*actual quantity \</!kY*3@t
= (5.8-6)*3200 #GE]]7:Na
= $640 【F】 lL:a}#qx U
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. k*\Bl4g
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price ( Jk& U8y
= (3200-3000)*6 AJ bCC
=$1200 【U】 4|=>gdW)KN
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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. gSz<K.
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C：Total variance of direct materials=actual costs- standard cost u^~7[OkE
=18560-18000 RpQeQM=
=560 【U】 GtVT^u_
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