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. LL%s$>c65A
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. QD*\zB
B. It continues the 2007 dividend payout ratio. g0M/Sv
C. It uses a residual policy with all distributions in the form of dividends. )Im3';qt
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). F7&Oc)f"B
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Answer: 2PViY,V|
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A: long-run growth rate _zG[ b/:p
3*(1+10%) =3.3 million OV `#/QL
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B: target payout ratio #eY?6Kjn
Target payout ratio=3/15=20% }kF*I @:g
Dividend of 2008=18*2%=3.6 million t-Zk)*d/0
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C: residual dividend approach K*aGz8N
Retained earnings=total new investment*(1-debt ratio) nC@UK{tVa
=12*(1-40%) V\/5H~L
=7.2 million df8aM<&m3
Residual dividend=18-7.2=10.8 million '-[?iF@l
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) oLc
Regular dividend=3*(1+10%) =3.3 million en8l:I NX
Extra dividend=residual dividend –regular dividend ]}9D* V
=10.8-3.3 9
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=7.5 million EVi DMp"
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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. r !)jxIL\
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. q/dja
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. G 0Wv=tX|
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). KF f6um
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Answer: 9 UcSQ"D
Notes: e) kVS }e?
Actual price=18560/3200=$5.8/unit o F=UjA
Actual quantity materials per unit=3200/2000=1.6 kg/unit U,tWLX$@
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1).Standard quantity * standard price=standard total cost q":0\ar&QT
(1.5*2000) * 6 =$18000 jB0ED0)wX
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials k(R&`
（3200-3000） * 6 =$1200 :=2l1Y[-G
3)Actual quantity * （actual price- standard price）= Price variance of direct materials .WpvDDUK3
3200 * (5.8 – 6) =$640 S)z5=N(Xz
4)actual quantity *actual price =actual total cost X.)D"+xnH
3200 * 5.8 =$18560 O_|p{65
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A：Price variance of direct materials=（actual price-standard price）*actual quantity vj + S
= (5.8-6)*3200 )/4U]c{-
= $640 【F】 $ v~I n
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. {on+
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price {+x;J4
= (3200-3000)*6 @1tv/W
=$1200 【U】 I; 3Uzv
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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. <"}WpT
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C：Total variance of direct materials=actual costs- standard cost 6),VN>j
=18560-18000 [B" CN
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=560 【U】 v@;!fBUt
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