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。） @ =x =dL(
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. -[OGZP`8
Calculate M’s expected dividends for 2008 if it follows each of the following policies: MO)N0{.b
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. "PGEiLY
B. It continues the 2007 dividend payout ratio. %Bg}
a
C. It uses a residual policy with all distributions in the form of dividends. eG26m_S=
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). Ty\&ARjb 8
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Answer: j eM h
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A: long-run growth rate M$A"<5
3*(1+10%) =3.3 million w#k'RuOw5
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B: target payout ratio Dw
Target payout ratio=3/15=20% bnLvJ]i
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Dividend of 2008=18*2%=3.6 million 5{qFKo"g@,
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C: residual dividend approach Q/4g)( ~J
Retained earnings=total new investment*(1-debt ratio) k!O#6Z
=12*(1-40%) |0n h
=7.2 million FX )g\=ov
Residual dividend=18-7.2=10.8 million s&Y~ 48{
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) %YefTk8cr,
Regular dividend=3*(1+10%) =3.3 million "XMTj <D
Extra dividend=residual dividend –regular dividend X4*{
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=10.8-3.3 Oa\!5Pw1
=7.5 million ftsr-3!Vm
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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. iOm1U_S
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. Jis{k$4
B. Calculate the direct material quantity variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. yd5r]6ej
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). <||F$t
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Answer:
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Notes: ')I/D4v
Actual price=18560/3200=$5.8/unit V|
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Actual quantity materials per unit=3200/2000=1.6 kg/unit sxJKu
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1).Standard quantity * standard price=standard total cost LlL\7?_;
(1.5*2000) * 6 =$18000 <=n$o
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2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials vG#|CO9
（3200-3000） * 6 =$1200 Q
piv,n
3)Actual quantity * （actual price- standard price）= Price variance of direct materials +pc _K R
3200 * (5.8 – 6) =$640 r|cl6s!P
4)actual quantity *actual price =actual total cost c3&F\3
3200 * 5.8 =$18560 ,7SLc +
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A：Price variance of direct materials=（actual price-standard price）*actual quantity 6%C:k,Cx{d
= (5.8-6)*3200 LslQZ]3MY
= $640 【F】 g}|a-
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. %l[Cm4
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price @no]*?Gpa
= (3200-3000)*6 )y'`C@ijI
=$1200 【U】 *aS|4M-
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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. zC!]bWsD
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1
gts =g .
C：Total variance of direct materials=actual costs- standard cost Fp4eGuWH#
=18560-18000 M kko1T=6
=560 【U】 &1893#V
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