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。） n1qQ+(xC
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. `k=bL"T>\
Calculate M’s expected dividends for 2008 if it follows each of the following policies: 3 !3
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A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. %u`8mi nCt
B. It continues the 2007 dividend payout ratio. +J_c'ChN
C. It uses a residual policy with all distributions in the form of dividends. &J55P]7w
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). B||*.`3gN
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Answer: d{rQzia"mV
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A: long-run growth rate
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3*(1+10%) =3.3 million aY3^C q(r
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B: target payout ratio +)k b(
Target payout ratio=3/15=20%
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Dividend of 2008=18*2%=3.6 million D Gr>
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C: residual dividend approach Uh.oErHQD
Retained earnings=total new investment*(1-debt ratio) hD\rt W
=12*(1-40%) VK}fsOnj0
=7.2 million t]> Lh>G
Residual dividend=18-7.2=10.8 million -0?~
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) F\fWvX
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Regular dividend=3*(1+10%) =3.3 million 2}YOcnB
Extra dividend=residual dividend –regular dividend :r%P.60H X
=10.8-3.3 k:* S&$S!E
=7.5 million 'I _Qb$
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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. 0.dgoq 3u
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. xm%Um\Pb7
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. d_4T}% q
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). 0QPH}Vi5}
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Answer: Xua+cVc\y
Notes: QF{4/y^j{
Actual price=18560/3200=$5.8/unit -M%_\;"de
Actual quantity materials per unit=3200/2000=1.6 kg/unit O?U'!o=
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1).Standard quantity * standard price=standard total cost Mzsfo;kk+
(1.5*2000) * 6 =$18000 eAX
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2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials ;FBUwR}
（3200-3000） * 6 =$1200 20vXSYa~
3)Actual quantity * （actual price- standard price）= Price variance of direct materials {S,l_d+(
3200 * (5.8 – 6) =$640 7nHF@Y|*"
4)actual quantity *actual price =actual total cost 2r
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3200 * 5.8 =$18560 )E6;-rD0^+
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A：Price variance of direct materials=（actual price-standard price）*actual quantity f ` :i.Sr
= (5.8-6)*3200 1 "/He ` 4
= $640 【F】 m-H -6`]
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. z74in8 ]
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price (WK&^,zQn
= (3200-3000)*6 6:q"l\n>
=$1200 【U】 |A
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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. 70f Klp
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C：Total variance of direct materials=actual costs- standard cost w4W_iaU
=18560-18000 pX&pLaF
=560 【U】 ?_"+^R z
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