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。） ,[Fb[#Qqb
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. WHI`/FM
Calculate M’s expected dividends for 2008 if it follows each of the following policies: bcR_E5x$
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. H" KCK6
B. It continues the 2007 dividend payout ratio. F?cK- .
C. It uses a residual policy with all distributions in the form of dividends. BHw, 4#F1;
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). y]im Z4{/
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Answer: "j -CZ\]U|
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A: long-run growth rate 9kojLqCT
3*(1+10%) =3.3 million __@BUK{ q
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B: target payout ratio .B yu N
Target payout ratio=3/15=20% ca}2TT&t
Dividend of 2008=18*2%=3.6 million l@\FWWQ
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C: residual dividend approach P$sxr
Retained earnings=total new investment*(1-debt ratio) X|[`P<'N<
=12*(1-40%) q =Il|Nb>
=7.2 million ]~%6JJN7
Residual dividend=18-7.2=10.8 million [2koe.?(
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) Mlq.?-QgIL
Regular dividend=3*(1+10%) =3.3 million | ' .
Extra dividend=residual dividend –regular dividend P_dJZ((X
=10.8-3.3 \f)#>+X-
=7.5 million e*!kZAf
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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. 4~=l}H>&
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. ~v83pu1!2s
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. B;WCTMy}
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). V+~Nalm O
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Answer: rH>)oThA#
Notes: WK U=.sY
Actual price=18560/3200=$5.8/unit 6 r_)sHf
Actual quantity materials per unit=3200/2000=1.6 kg/unit y?0nI<}}HK
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1).Standard quantity * standard price=standard total cost _~pbqa,
(1.5*2000) * 6 =$18000 'n|5ZhXPB
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials ^t"'rD-I
（3200-3000） * 6 =$1200 Sc
3)Actual quantity * （actual price- standard price）= Price variance of direct materials .m AjfP*
3200 * (5.8 – 6) =$640 "] iB6
4)actual quantity *actual price =actual total cost Ev P{p
3200 * 5.8 =$18560 X jX2]
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A：Price variance of direct materials=（actual price-standard price）*actual quantity qFNes)_r
= (5.8-6)*3200 C-[1iW'
= $640 【F】 Z/K{A`
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. n(|^SH4$b
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price +MLVbK
= (3200-3000)*6 Dxxm="FQZ
=$1200 【U】 LK"69Qx?5q
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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. EIQ
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C：Total variance of direct materials=actual costs- standard cost X76e
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=18560-18000 9K&:V(gmw
=560 【U】 k'"%.7 $U!
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