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。） L7. SH#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. ao|n<*}
Calculate M’s expected dividends for 2008 if it follows each of the following policies: l<7SB5
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. =)w#?DGpj
B. It continues the 2007 dividend payout ratio. "-rqL
C. It uses a residual policy with all distributions in the form of dividends. g^\! > i
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). #]gmM
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Answer: DhsvN&yNM
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A: long-run growth rate F'B0\v =
3*(1+10%) =3.3 million _ ]eyt_
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B: target payout ratio dB:c2
Target payout ratio=3/15=20% 2Je]dj4
Dividend of 2008=18*2%=3.6 million ;=6E
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C: residual dividend approach }-u%6KZ
Retained earnings=total new investment*(1-debt ratio) =4V SbOlZ
=12*(1-40%) Qam48XZ >
=7.2 million 7lKatk+7K
Residual dividend=18-7.2=10.8 million n I1(2a1
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) '6*9pG-
Regular dividend=3*(1+10%) =3.3 million OEC/'QOae
Extra dividend=residual dividend –regular dividend x]3[0K5;
=10.8-3.3 P|C
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=7.5 million lWT`y
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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.
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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. Z a S29 }
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. a (ml#-M
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). TNK1E
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Answer: )8SW U)/
Notes: es=OWJt^
Actual price=18560/3200=$5.8/unit (vvD<S*
Actual quantity materials per unit=3200/2000=1.6 kg/unit :fq4oHA#
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1).Standard quantity * standard price=standard total cost )+w1nw|m
(1.5*2000) * 6 =$18000 :M<]
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2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials n1:q:qMR1
（3200-3000） * 6 =$1200 A5%$<
3)Actual quantity * （actual price- standard price）= Price variance of direct materials brlbJFZ19
3200 * (5.8 – 6) =$640 =q`T|9v
4)actual quantity *actual price =actual total cost 5}Xi`'g,
3200 * 5.8 =$18560 g-]~ +7LL
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A：Price variance of direct materials=（actual price-standard price）*actual quantity U =U5EdN;
= (5.8-6)*3200 y f4L0.
= $640 【F】 %/5Wj_|p
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. "^a"`?J
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price ()F {kM8
= (3200-3000)*6
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=$1200 【U】 D{[{ &1\)r
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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. M]/DKo
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C：Total variance of direct materials=actual costs- standard cost {8` $ ~c
=18560-18000 ecR)8^1 '
=560 【U】 s f->8
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