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。） )9*-Q%zc
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. }b{ N[
Calculate M’s expected dividends for 2008 if it follows each of the following policies:
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A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. S
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B. It continues the 2007 dividend payout ratio. $DQMN
C. It uses a residual policy with all distributions in the form of dividends. yc H=L8
D. It employs a regular-dividend-plus-extras policy, with the regular dividend being based on the long-run growth rate and the extra dividend being set according to the residual policy(Indicate the regular dividend and the extra dividend separately). :8rqTBa`
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A: long-run growth rate rj6wKf z
3*(1+10%) =3.3 million "{&!fD~w
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B: target payout ratio v3[
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Target payout ratio=3/15=20% #-{4 Jx
Dividend of 2008=18*2%=3.6 million F Pu,sz8
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C: residual dividend approach 0h5T&U]${Y
Retained earnings=total new investment*(1-debt ratio) 9SU;c l
=12*(1-40%) j#Y8h5r
=7.2 million 5ecqJ
Residual dividend=18-7.2=10.8 million 8
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) vm Hf$rq
Regular dividend=3*(1+10%) =3.3 million EJRwyF5 LK
Extra dividend=residual dividend –regular dividend bclA+!1
=10.8-3.3 V43 |Ej}E
=7.5 million }96^OQPE
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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-c+ KV
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. ? 1_*ct=g9
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. p(
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C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). `?La
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Actual price=18560/3200=$5.8/unit Q.!D2RZc
Actual quantity materials per unit=3200/2000=1.6 kg/unit ** oN /5
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1).Standard quantity * standard price=standard total cost 5Zh
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(1.5*2000) * 6 =$18000 r% qgLP{v
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials zHyM@*Gf(
（3200-3000） * 6 =$1200 -`A6K!W&~p
3)Actual quantity * （actual price- standard price）= Price variance of direct materials %SIbpk%
3200 * (5.8 – 6) =$640 jy6%
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4)actual quantity *actual price =actual total cost k3u3X~u
3200 * 5.8 =$18560 LB-4/G$
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A：Price variance of direct materials=（actual price-standard price）*actual quantity g_-Y- .M
= (5.8-6)*3200 cE [4CCpy
= $640 【F】 P0|V1,)
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. HD$W\P
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price yv&&x.!.Z
= (3200-3000)*6 me E&, {
=$1200 【U】 Z?dz@d%C
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Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. 1_f( ;WOg
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C：Total variance of direct materials=actual costs- standard cost 4s%vx]E
=18560-18000 ]^E<e!z={$
=560 【U】 QYDSE
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