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。） c%&,(NJ]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. Z@~gN5@,M
Calculate M’s expected dividends for 2008 if it follows each of the following policies: FP@_V -
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. ` 3TR` ,=
B. It continues the 2007 dividend payout ratio. 5 100fX}
C. It uses a residual policy with all distributions in the form of dividends. 0.MB;gm:
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). -(vHy/Hz.
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Answer: HqGI.
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A: long-run growth rate |J $A%2 7
3*(1+10%) =3.3 million pF;.
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B: target payout ratio _i =*0Q
Target payout ratio=3/15=20% Gp9 <LB\,
Dividend of 2008=18*2%=3.6 million L]Tj] u )
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C: residual dividend approach `M@ESA (e
Retained earnings=total new investment*(1-debt ratio) X3:1KDVsV
=12*(1-40%) &;Ncc,jb
=7.2 million hY)zKX_r
Residual dividend=18-7.2=10.8 million P`tOL#UeZL
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) l\_ !oa~
Regular dividend=3*(1+10%) =3.3 million r=j?0k '}]
Extra dividend=residual dividend –regular dividend j{C~wy!J
=10.8-3.3 x[ A|@\
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=7.5 million ^ AZ#tp%)
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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 $18.560. D+T/ Z )
A. Calculate the direct material price variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. 2> a&m>
B. Calculate the direct material quantity variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. 0\mf1{$"!7
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). g * 5_m(H
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Answer: %1&X+s3
Notes: z,Xj$wl
Actual price=18560/3200=$5.8/unit Zpd-ob
Actual quantity materials per unit=3200/2000=1.6 kg/unit ; _%zf5;'
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1).Standard quantity * standard price=standard total cost " 6,fIsU
(1.5*2000) * 6 =$18000 r CJ$Pl9R
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials ^EIuGz1@0
（3200-3000） * 6 =$1200 PYQ0&;z
3)Actual quantity * （actual price- standard price）= Price variance of direct materials = Jp:dM*
3200 * (5.8 – 6) =$640 7mt x^
4)actual quantity *actual price =actual total cost oc?|"
3200 * 5.8 =$18560 ch# )XomN
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A：Price variance of direct materials=（actual price-standard price）*actual quantity jV%
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= (5.8-6)*3200 fR1L VLU
= $640 【F】 <?41-p-;
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. lz^Vi!|p
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price p39$V[*g(
= (3200-3000)*6 >VhZv7 5
=$1200 【U】 + S+!:IB
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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. ?0)K[Kd'Y
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C：Total variance of direct materials=actual costs- standard cost &5}YTKe}|
=18560-18000 >4g!ic~O
=560 【U】 taDe^Ist j
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