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。） 7+P;s,mi7
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. Rf!v{\
Calculate M’s expected dividends for 2008 if it follows each of the following policies: fmixWL7.Zg
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. D&):2F^9.
B. It continues the 2007 dividend payout ratio. N0p6xg~
C. It uses a residual policy with all distributions in the form of dividends. p}QDX*/sSu
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). <ik y
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Answer: TLsF c^X
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A: long-run growth rate G=zNZ
3*(1+10%) =3.3 million _^&
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B: target payout ratio 86{>X5 +
Target payout ratio=3/15=20% *\XOQWrF
Dividend of 2008=18*2%=3.6 million ^4fvV\ne_~
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C: residual dividend approach u
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Retained earnings=total new investment*(1-debt ratio) GUR iW42
=12*(1-40%) un 5r9
=7.2 million \ ivxi<
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Residual dividend=18-7.2=10.8 million ;M.Q =#;E
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) K
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Regular dividend=3*(1+10%) =3.3 million 6bPxEILm
Extra dividend=residual dividend –regular dividend Z PH_s^
=10.8-3.3 .Exvuo`F
=7.5 million \8xSfe
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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 $18.560. :GIBB=D9
A. Calculate the direct material price variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. DO(};R%=
B. Calculate the direct material quantity variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. Oo
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C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). cTq@"v di
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Answer: %j\&}>P4$
Notes: "kP,v&n
Actual price=18560/3200=$5.8/unit 2jyWkAP'
Actual quantity materials per unit=3200/2000=1.6 kg/unit &<;T$Y
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1).Standard quantity * standard price=standard total cost ;0Z -
(1.5*2000) * 6 =$18000 +E</A:|}S
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials _[R(9KyF0f
（3200-3000） * 6 =$1200 n
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3)Actual quantity * （actual price- standard price）= Price variance of direct materials 44 u)F@)
3200 * (5.8 – 6) =$640 +KbkdY Z
4)actual quantity *actual price =actual total cost
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3200 * 5.8 =$18560 Nud =K'P=
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A：Price variance of direct materials=（actual price-standard price）*actual quantity dM;\)jm
= (5.8-6)*3200 VFf;|PHS
= $640 【F】 L ?/AKg
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. j{Px}f(=
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price
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= (3200-3000)*6 ,cNe-KJk
=$1200 【U】 |J!mM< *K
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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 .6No_|
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C：Total variance of direct materials=actual costs- standard cost #//xOL3J
=18560-18000 HDV-qYD|O~
=560 【U】 UDI\o1Rbp
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