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。） M(.] ?+
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. v]m#+E
Calculate M’s expected dividends for 2008 if it follows each of the following policies: Ip*[H# h
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. <xAlp;8m5
B. It continues the 2007 dividend payout ratio. rm!.J0
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C. It uses a residual policy with all distributions in the form of dividends. s/OXZ<C|
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). GI/4<J\
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Answer: :snn-e0l
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A: long-run growth rate k6??+b:rE
3*(1+10%) =3.3 million (^= Hq'D
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B: target payout ratio `bEum3l\6]
Target payout ratio=3/15=20% Op
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Dividend of 2008=18*2%=3.6 million \\,z[C
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C: residual dividend approach >}B~~C;
Retained earnings=total new investment*(1-debt ratio) J.pe &1
=12*(1-40%) YbE1yOJ&m
=7.2 million
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Residual dividend=18-7.2=10.8 million 4W+%`x_U]
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) >Av%[G5=h#
Regular dividend=3*(1+10%) =3.3 million uT{.\qHo
Extra dividend=residual dividend –regular dividend Gq^#.o]
=10.8-3.3 2O)2#N
=7.5 million G+l9QaFv
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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 $18.560. &Qq4xn+J
A. Calculate the direct material price variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. RYKV?f#[H
B. Calculate the direct material quantity variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. !Mk:rO-L
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). V39)[FH}
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Answer: O7\ )C]A
Notes: h}$]3/5H
Actual price=18560/3200=$5.8/unit s*W)BK|+?
Actual quantity materials per unit=3200/2000=1.6 kg/unit g6 3?(+Fz
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1).Standard quantity * standard price=standard total cost ^9I^A! w=
(1.5*2000) * 6 =$18000 ! YEU<9
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials b{K w.?85
（3200-3000） * 6 =$1200 QTjOLK$e$
3)Actual quantity * （actual price- standard price）= Price variance of direct materials i4 oBi]$T
3200 * (5.8 – 6) =$640 m 1 lfC
4)actual quantity *actual price =actual total cost "rI By
3200 * 5.8 =$18560 ,JmA e6
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A：Price variance of direct materials=（actual price-standard price）*actual quantity A At <{
= (5.8-6)*3200 vH^^QI:em
= $640 【F】 7<VfE`Q3
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. WS)u{
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price rKys:i s
= (3200-3000)*6 ZW| VAn'>
=$1200 【U】 u3H2\ <
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Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. 'zhw]L;'g
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C：Total variance of direct materials=actual costs- standard cost kV Z5>D$
=18560-18000 DqHVc)9
=560 【U】 #Rdq^TGMi;
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