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。）
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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. U* yOe* >
Calculate M’s expected dividends for 2008 if it follows each of the following policies: 6E1~dK0t
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. y5aPs z
B. It continues the 2007 dividend payout ratio. <+
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C. It uses a residual policy with all distributions in the form of dividends. (gVN<Es
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). )hQ]> o@i{
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Answer: i4k [#x
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A: long-run growth rate 8 `)* ?Q9~
3*(1+10%) =3.3 million }xBO;
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B: target payout ratio GLZ*5kw
Target payout ratio=3/15=20% L'KKU4zj
Dividend of 2008=18*2%=3.6 million E`qX|n
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C: residual dividend approach Y-1K'VhT
Retained earnings=total new investment*(1-debt ratio) )h0>e9z>Y
=12*(1-40%) lo6upir ZX
=7.2 million Rsq EAdZw[
Residual dividend=18-7.2=10.8 million W" vkmk
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) mM?,e7Xhs
Regular dividend=3*(1+10%) =3.3 million }m^^6h
Extra dividend=residual dividend –regular dividend /!t:MK;
=10.8-3.3 v_U/0
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=7.5 million W vu 1?
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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. A ep](je
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. b~ * iL!<
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. tg 'g R
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). -!5l4
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Answer: N>a~k}pP
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Notes: ju;OQC~[L]
Actual price=18560/3200=$5.8/unit `DSFaBj,
Actual quantity materials per unit=3200/2000=1.6 kg/unit {%k[Z9*tO
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1).Standard quantity * standard price=standard total cost f9Xa}*
(1.5*2000) * 6 =$18000 ba Td;`Pn
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials "x;FE<I
（3200-3000） * 6 =$1200 ft@#[Bkx
3)Actual quantity * （actual price- standard price）= Price variance of direct materials dD39? K/
3200 * (5.8 – 6) =$640 A
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4)actual quantity *actual price =actual total cost FwB xag:u
3200 * 5.8 =$18560 H l(W'>*oL
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A：Price variance of direct materials=（actual price-standard price）*actual quantity d
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= (5.8-6)*3200 WnOYU9 ;%
= $640 【F】 jZmL7
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Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. +.^pAz U}R
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price go6; _
= (3200-3000)*6 Yg &/^
=$1200 【U】 Z vC?F=tH
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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. @J6r;4|&
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C：Total variance of direct materials=actual costs- standard cost HL$7Ou
=18560-18000 r +#g
=560 【U】 IS[q'Cv*
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