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。） ,GJ>vT)
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. EOX _[ek7
Calculate M’s expected dividends for 2008 if it follows each of the following policies: @7s,| \
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. .Sr:" S rT
B. It continues the 2007 dividend payout ratio. _`_
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C. It uses a residual policy with all distributions in the form of dividends. zf,%BI[Hr
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). U[QD!
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Answer: o~x39
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A: long-run growth rate
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3*(1+10%) =3.3 million iEpq*Qj
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B: target payout ratio = *g$#l4
Target payout ratio=3/15=20% vA;F]epr!
Dividend of 2008=18*2%=3.6 million E,LYS"%_
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C: residual dividend approach
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Retained earnings=total new investment*(1-debt ratio) -#wVtXaSc
=12*(1-40%) =kb6xmB^t
=7.2 million PDt<lJU+X
Residual dividend=18-7.2=10.8 million pf8O`e,Awf
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) 9c6GYWIFt&
Regular dividend=3*(1+10%) =3.3 million 3_MS'&M
Extra dividend=residual dividend –regular dividend Pc(n@'m~
=10.8-3.3 u\ XkXS`
=7.5 million gr>o
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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. eOehgU5x
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. aZj J]~bO
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. 2 {e dW+
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). m-ph }
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Answer:
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Notes: =_RcoG/^~
Actual price=18560/3200=$5.8/unit ypD< 2z^
Actual quantity materials per unit=3200/2000=1.6 kg/unit LZr0]g{Pu/
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1).Standard quantity * standard price=standard total cost KQ4kZN
(1.5*2000) * 6 =$18000 [0u.}c;(
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials m_m8c8{Y
（3200-3000） * 6 =$1200 ;%u_ ;
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3)Actual quantity * （actual price- standard price）= Price variance of direct materials +Y>"/i.
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3200 * (5.8 – 6) =$640 2W3NL|P
4)actual quantity *actual price =actual total cost
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3200 * 5.8 =$18560 kmlG3hO R,
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