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。） m/qbRk68s
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. W@Lu;g.Yc
Calculate M’s expected dividends for 2008 if it follows each of the following policies: 2w-51
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A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. q7 -L53.x
B. It continues the 2007 dividend payout ratio. %LZ({\5K#f
C. It uses a residual policy with all distributions in the form of dividends. h Dp6YV,q
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). Xixqxm*8
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A: long-run growth rate zA !0l*H
3*(1+10%) =3.3 million SJ};TEA
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B: target payout ratio KhW;RD
Target payout ratio=3/15=20% OLvcivf
Dividend of 2008=18*2%=3.6 million @;
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C: residual dividend approach ~
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Retained earnings=total new investment*(1-debt ratio) NM6Teu_
=12*(1-40%) `UQf2o0%3w
=7.2 million ?w+Ix~ k
Residual dividend=18-7.2=10.8 million 9gEssTkts
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) 8-Hsg f.*
Regular dividend=3*(1+10%) =3.3 million ,+
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Extra dividend=residual dividend –regular dividend p IKSs<IP
=10.8-3.3 #zR bx
=7.5 million yG sz2T;w
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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 $18.560. ^-a8V'
A. Calculate the direct material price variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. %T[^D&9$,
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.
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C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). )5.C]4jol
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Actual price=18560/3200=$5.8/unit WMBm6?54
Actual quantity materials per unit=3200/2000=1.6 kg/unit vYU;_R
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1).Standard quantity * standard price=standard total cost f*24)Wn<
(1.5*2000) * 6 =$18000 fV
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2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials _ %x4ty
（3200-3000） * 6 =$1200 5&e<#"
3)Actual quantity * （actual price- standard price）= Price variance of direct materials 7oR:1DX w|
3200 * (5.8 – 6) =$640 1<< kA: d
4)actual quantity *actual price =actual total cost \^V`ds*.
3200 * 5.8 =$18560 E3 *\
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A：Price variance of direct materials=（actual price-standard price）*actual quantity v*qQ? S
= (5.8-6)*3200 #%FN>v3e
= $640 【F】 D r~=o%
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. n?:=
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price V&|!RxWK
= (3200-3000)*6 ?9X&tK)E-
=$1200 【U】 Go&D[#
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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. SgEBh
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C：Total variance of direct materials=actual costs- standard cost 5c;h &
=18560-18000 \i[ BP
=560 【U】 c0Dmq)HK?
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