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。） -1} &\=8M
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. @wcrtf~{)&
Calculate M’s expected dividends for 2008 if it follows each of the following policies:
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A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. uP$C2glyz
B. It continues the 2007 dividend payout ratio. ToM1#]4
C. It uses a residual policy with all distributions in the form of dividends. O' h f8w
D. It employs a regular-dividend-plus-extras policy, with the regular dividend being based on the long-run growth rate and the extra dividend being set according to the residual policy(Indicate the regular dividend and the extra dividend separately). ;$'D13
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Answer: -8:/My
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A: long-run growth rate `PZcL2~E
3*(1+10%) =3.3 million m\G45%m
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B: target payout ratio yb!/DaCd
Target payout ratio=3/15=20% ^J'O8G$
Dividend of 2008=18*2%=3.6 million `t3w|%La }
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C: residual dividend approach
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Retained earnings=total new investment*(1-debt ratio) ';xp+,'}\
=12*(1-40%) @6b4YV
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=7.2 million kQD~v+u
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Residual dividend=18-7.2=10.8 million z&yVU<;
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) '0v]?mM
Regular dividend=3*(1+10%) =3.3 million v^aI+p6
Extra dividend=residual dividend –regular dividend VUC_|=?dL
=10.8-3.3 QL :Qzr[
=7.5 million Ffig0K+ `
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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. 8ib e#jlg
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. ce:wF#Qs
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. l ;S_ J^S
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). |E &|6h1
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Answer: e!vWGnY
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Actual price=18560/3200=$5.8/unit e5(c,,/
Actual quantity materials per unit=3200/2000=1.6 kg/unit iUq_vQ@} }
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1).Standard quantity * standard price=standard total cost Z Es^b
(1.5*2000) * 6 =$18000 NjKC{L5S:
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials 9Zr6 KA{
（3200-3000） * 6 =$1200 ?}HZJ@:lB
3)Actual quantity * （actual price- standard price）= Price variance of direct materials `aSbGM
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3200 * (5.8 – 6) =$640 =.l>Uw
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4)actual quantity *actual price =actual total cost B<ZCuVWH:
3200 * 5.8 =$18560 ni6zo~+W]
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A：Price variance of direct materials=（actual price-standard price）*actual quantity |@VhR(^O$
= (5.8-6)*3200 oJ|m/i)
= $640 【F】 E:;MI{;7
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. hqV_MeHv'
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price /Mj|Px%
= (3200-3000)*6 8 !
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=$1200 【U】 ^4xl4nbx
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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. k"E|E";B
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C：Total variance of direct materials=actual costs- standard cost Mm!;+bM%
=18560-18000 uQKo2B0
=560 【U】 Kd\d>&b
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