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。） 2h51zG#qd
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. 7JQ 4*RM
Calculate M’s expected dividends for 2008 if it follows each of the following policies: b,~pwbHf
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. 9Q s5e
B. It continues the 2007 dividend payout ratio. LS<+V+o2%
C. It uses a residual policy with all distributions in the form of dividends. L k
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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). ,s 3|
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Answer: e3CFW_p
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A: long-run growth rate _^GBfM.
3*(1+10%) =3.3 million -%fj-Y7y
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B: target payout ratio
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Target payout ratio=3/15=20% c{y'&3\
Dividend of 2008=18*2%=3.6 million )$E) {(Aa
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C: residual dividend approach A
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Retained earnings=total new investment*(1-debt ratio) j`.&4.7+
=12*(1-40%) V 9"R8*@-
=7.2 million
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Residual dividend=18-7.2=10.8 million :3Q:pKg
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) "0;WYw?
Regular dividend=3*(1+10%) =3.3 million ma*#* 4
Extra dividend=residual dividend –regular dividend mq4Zy3H
=10.8-3.3 "] ]LQb$
=7.5 million U~ a\v8l~
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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. d<j`=QH
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. _dk[k@5W{'
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. 1DcBF@3sWG
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). {z
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Answer: GV1Ol^
Notes: 8/)\nV$0Y
Actual price=18560/3200=$5.8/unit xgIb6<qwY
Actual quantity materials per unit=3200/2000=1.6 kg/unit q9 ra
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1).Standard quantity * standard price=standard total cost EL3X8H
(1.5*2000) * 6 =$18000 SceHdx(]
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials +fboTsp% H
（3200-3000） * 6 =$1200 |-S!)iG1V
3)Actual quantity * （actual price- standard price）= Price variance of direct materials d
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3200 * (5.8 – 6) =$640 hv#$Zo<
4)actual quantity *actual price =actual total cost TX$dxHSPK
3200 * 5.8 =$18560 `W)?d I?#M
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A：Price variance of direct materials=（actual price-standard price）*actual quantity Z9M$*Zp
= (5.8-6)*3200 \)u A:v
= $640 【F】 @u/CNx,`X
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. /"La@M3 7
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price "A
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= (3200-3000)*6 FvVC 2Z
=$1200 【U】 F5x*#/af
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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. Rjq\$ aY}%
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C：Total variance of direct materials=actual costs- standard cost YL|)`m0-^5
=18560-18000 yKj}l,i~8
=560 【U】 fNAW4I I}
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