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。） 6^l|/\ Y{
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. J^V}%N".
Calculate M’s expected dividends for 2008 if it follows each of the following policies: {T L.2
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. o
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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. /2.}m`5
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). u _mtdB'
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Answer: e1OGGF%E n
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A: long-run growth rate xMs!FMn
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3*(1+10%) =3.3 million L}a-c(G+8
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B: target payout ratio e=^^TX`I
Target payout ratio=3/15=20% {U'\2Ge<m
Dividend of 2008=18*2%=3.6 million }]
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C: residual dividend approach uo8[,'
Retained earnings=total new investment*(1-debt ratio) /wI"oHZd
=12*(1-40%) 'CMbq Lk#
=7.2 million D
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Residual dividend=18-7.2=10.8 million 2<FEn$n[
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) [eO^C
Regular dividend=3*(1+10%) =3.3 million [} zzG@g,J
Extra dividend=residual dividend –regular dividend F1)5"7f
=10.8-3.3 x fa-
=7.5 million D){my_
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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. 2{Y~jYt{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. nSv@F T'~z
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. `FG
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C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). z ub"Ap3
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Answer: B[,AR"#b
Notes: ZXIw^!8@/
Actual price=18560/3200=$5.8/unit $
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Actual quantity materials per unit=3200/2000=1.6 kg/unit {vq| 0t\-
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1).Standard quantity * standard price=standard total cost ~].?8C.>*
(1.5*2000) * 6 =$18000 9Vru
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2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials GEK7q<
（3200-3000） * 6 =$1200 VI Huo
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3)Actual quantity * （actual price- standard price）= Price variance of direct materials yA iO._U
3200 * (5.8 – 6) =$640 PU,%Y_xR
4)actual quantity *actual price =actual total cost u4 h0s1iI
3200 * 5.8 =$18560 apOa E7|
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A：Price variance of direct materials=（actual price-standard price）*actual quantity H76iBJ66
= (5.8-6)*3200 Z)}UCi+/".
= $640 【F】 eaC%& k
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. ]rG/?1'^i
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price Q5^ #:uZ
= (3200-3000)*6 ", p5}}/
=$1200 【U】 ) ViBH\.*p
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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. _U_O0@xi
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C：Total variance of direct materials=actual costs- standard cost uzI=.j
=18560-18000 " Lh&s<[
=560 【U】 : r(dMU3%
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