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。） !a~x |pjJ
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. MCh8Q|Yx4
Calculate M’s expected dividends for 2008 if it follows each of the following policies: ~;eWQwD
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. t C 6 c4 j
B. It continues the 2007 dividend payout ratio. (X!/t w,.
C. It uses a residual policy with all distributions in the form of dividends. Ka_UVKwMro
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). CP VKz
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Answer: Z}NAH`V`:+
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A: long-run growth rate :ZL>JVk
3*(1+10%) =3.3 million {t=Nn c15K
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B: target payout ratio 'oT} jI
Target payout ratio=3/15=20% ^F" *;8$
Dividend of 2008=18*2%=3.6 million \^#1~Kx
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C: residual dividend approach k oHY
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Retained earnings=total new investment*(1-debt ratio) g u|;C
=12*(1-40%) q #p)E=$
=7.2 million c%Gz{':+
Residual dividend=18-7.2=10.8 million \s+MH a&
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) /vPb
Regular dividend=3*(1+10%) =3.3 million J:(Shd'4D
Extra dividend=residual dividend –regular dividend w P 8R=T
=10.8-3.3 :%>8\ q>UX
=7.5 million #>- rKv.A
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:mJM=Fe J
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. D46| )-
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. q~w;C( [k_
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. /GX O2zO
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). B ph F+'CM
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Answer: )_Oc= /c|f
Notes: &(rd{j/
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Actual price=18560/3200=$5.8/unit UpIf t=@P
Actual quantity materials per unit=3200/2000=1.6 kg/unit 7S1!|*/
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1).Standard quantity * standard price=standard total cost :9`1bZ ?a
(1.5*2000) * 6 =$18000 c|.:
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2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials
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（3200-3000） * 6 =$1200 ?Tl@e
3)Actual quantity * （actual price- standard price）= Price variance of direct materials *C:+N>
3200 * (5.8 – 6) =$640 >WDpBn
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4)actual quantity *actual price =actual total cost ZbrE m
3200 * 5.8 =$18560 l3afuD :
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A：Price variance of direct materials=（actual price-standard price）*actual quantity <=-\so(
= (5.8-6)*3200 3> (`
Y
= $640 【F】 (s3%1OC [
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. }dHiW:J>
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price &7 W6I M
= (3200-3000)*6 ^0&]
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=$1200 【U】 CS{9|FNz
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Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. ye%F <:O 7
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C：Total variance of direct materials=actual costs- standard cost j<KC$
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=18560-18000 IYO,/ kbf
=560 【U】 D1n2Z :9
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