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。） \Z~|ry0v{d
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. RQg7vv]%
Calculate M’s expected dividends for 2008 if it follows each of the following policies: $eqwn&$n
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. y+jOk6)W75
B. It continues the 2007 dividend payout ratio. qpjG_G5/
C. It uses a residual policy with all distributions in the form of dividends.
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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). p0r:U< &
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Answer: Wra$
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A: long-run growth rate XXwe
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3*(1+10%) =3.3 million ,\".|m1o.
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B: target payout ratio j*XhBWE?
Target payout ratio=3/15=20% l:'\3-2a
Dividend of 2008=18*2%=3.6 million S! Z2aFj
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C: residual dividend approach APR"%(xD#
Retained earnings=total new investment*(1-debt ratio) JSf \Ap
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=12*(1-40%) JJE 3 \
=7.2 million 1\ XR6q:2
Residual dividend=18-7.2=10.8 million F0i`
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) 4ju=5D];
Regular dividend=3*(1+10%) =3.3 million 2*[Gm e
Extra dividend=residual dividend –regular dividend =PQMd
=10.8-3.3 8x,{rS qq
=7.5 million T l/!Dn
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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. d[( }
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. 3=@lJ?Ym
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. . 5 s#JL
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). %k+G-oT5
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Answer: :" im2J
Notes: "kdmqvTHK0
Actual price=18560/3200=$5.8/unit @Q%9b )\\
Actual quantity materials per unit=3200/2000=1.6 kg/unit i L48
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1).Standard quantity * standard price=standard total cost 7]J7'!Iz
(1.5*2000) * 6 =$18000 9$~a&lXO5
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials ; "R1>tw3)
（3200-3000） * 6 =$1200 c04;2gR
3)Actual quantity * （actual price- standard price）= Price variance of direct materials &;x* u G
3200 * (5.8 – 6) =$640 QT<\E`v
4)actual quantity *actual price =actual total cost vB
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3200 * 5.8 =$18560 :4\=xGiY
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A：Price variance of direct materials=（actual price-standard price）*actual quantity zKllwIf i
= (5.8-6)*3200 8aMmz!S
= $640 【F】 C{<dzooz
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. z&Kh$ $)[
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price s` $YY_
= (3200-3000)*6 K'@lXA :
=$1200 【U】 FpYeuH
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Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. )?$zY5
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C：Total variance of direct materials=actual costs- standard cost ;i>(r ;ZM
=18560-18000 %p}xW V .
=560 【U】 x^XP<R{ D
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