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。） xJvM
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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. PLi [T4u
Calculate M’s expected dividends for 2008 if it follows each of the following policies: &J\V
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A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. `g;`
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B. It continues the 2007 dividend payout ratio. -m & 8SN
C. It uses a residual policy with all distributions in the form of dividends. BCE} Er&
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).
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Answer: h J+;N
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A: long-run growth rate 2Mc}>UI?eO
3*(1+10%) =3.3 million wX 3x.@!:
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B: target payout ratio 7>g^OE f
Target payout ratio=3/15=20% p
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Dividend of 2008=18*2%=3.6 million 6$}hb|j
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C: residual dividend approach (z}q6Lfa
Retained earnings=total new investment*(1-debt ratio) VQr)VU=jb
=12*(1-40%) tFvc~zz9
=7.2 million A~CQ @
Residual dividend=18-7.2=10.8 million ? jywW$
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) AwhXCq|k
Regular dividend=3*(1+10%) =3.3 million [dje!5Dc(
Extra dividend=residual dividend –regular dividend -Mb`I >=
=10.8-3.3 Mh04O@"
=7.5 million K<HF!YU#I2
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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. k!gft'iU
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. }c>[m,lz
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. :V>M{vd
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). 87P.K Yy
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Answer: 1 M|DaAI
Notes: ncEOz1u
Actual price=18560/3200=$5.8/unit 69U[kW&
Actual quantity materials per unit=3200/2000=1.6 kg/unit C.r9)#G
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1).Standard quantity * standard price=standard total cost C3M r)
(1.5*2000) * 6 =$18000 #>m#i1Nu
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials ;?/v}$P a
（3200-3000） * 6 =$1200 #]ZOi`;
3)Actual quantity * （actual price- standard price）= Price variance of direct materials gDP\u<2!
3200 * (5.8 – 6) =$640 0hTv0#j#
4)actual quantity *actual price =actual total cost U*G9 fpVy
3200 * 5.8 =$18560 <lHelX=/
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A：Price variance of direct materials=（actual price-standard price）*actual quantity hadGF%> O6
= (5.8-6)*3200 #GBe=tm\K
= $640 【F】 e
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Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. JzA`*X[
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price ;dt&* ]wA
= (3200-3000)*6 >gAq/'.Q
=$1200 【U】 Sb=cWn P
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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. Y [ =Gv6Fr
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C：Total variance of direct materials=actual costs- standard cost mmrx*sr=
=18560-18000 RW!D! ~
=560 【U】 -ec ~ ~95
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