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。） p/Ri|FD6
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. ^A$p) `KR
Calculate M’s expected dividends for 2008 if it follows each of the following policies: l%v2O'h
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. nACKS sWqI
B. It continues the 2007 dividend payout ratio. 7jY W3
C. It uses a residual policy with all distributions in the form of dividends. ::!{f+Up
D. It employs a regular-dividend-plus-extras policy, with the regular dividend being based on the long-run growth rate and the extra dividend being set according to the residual policy(Indicate the regular dividend and the extra dividend separately). &I?d(Z=:\
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Answer: i~.9 B7hdE
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A: long-run growth rate nj7\vIR7
3*(1+10%) =3.3 million CxJH)H$
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B: target payout ratio 8~v E
Target payout ratio=3/15=20% X; 3gKiD
Dividend of 2008=18*2%=3.6 million F/U38[
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C: residual dividend approach 5j#
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Retained earnings=total new investment*(1-debt ratio) pF ' M
=12*(1-40%) \-RVPa8k
=7.2 million Fo GSCg%
Residual dividend=18-7.2=10.8 million 5+Hw @CY3
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) RyZy2^0<
Regular dividend=3*(1+10%) =3.3 million 9+co `t.
Extra dividend=residual dividend –regular dividend kT4Oal+4
=10.8-3.3 u;=a=>05IR
=7.5 million {KM5pK?,BJ
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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. I 2*
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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. O"f|gc)GLz
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. @ \JoICz
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). Nx<%'-9)|
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Answer: h}f l:J1C
Notes: 2[Vs@ X
Actual price=18560/3200=$5.8/unit gshgl3
Actual quantity materials per unit=3200/2000=1.6 kg/unit 9vJ'9Z2\
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1).Standard quantity * standard price=standard total cost lwp
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(1.5*2000) * 6 =$18000 xQ@gh
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2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials |9fGn@-
（3200-3000） * 6 =$1200 m>LC2S;
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3)Actual quantity * （actual price- standard price）= Price variance of direct materials +< \.z*
3200 * (5.8 – 6) =$640 }?=4pGsI
4)actual quantity *actual price =actual total cost KPB^>,T2{
3200 * 5.8 =$18560 i2 m+s;
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A：Price variance of direct materials=（actual price-standard price）*actual quantity 9xI z[`)i.
= (5.8-6)*3200 /\|Behif
= $640 【F】 2j*o[k AE
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. 9
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price fv?vfI+m
= (3200-3000)*6 Q*l_QnfG
=$1200 【U】 U+'h~P '4
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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. H\@@iK=
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C：Total variance of direct materials=actual costs- standard cost Y+e a
=18560-18000 E>3(ff&
=560 【U】 B3-;]6
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