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。） ;nep5!s;<
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. !TAlB kj
Calculate M’s expected dividends for 2008 if it follows each of the following policies: Ja,wfRq
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings.
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B. It continues the 2007 dividend payout ratio. RHmgD;7`
C. It uses a residual policy with all distributions in the form of dividends. {_7 i8c<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). GR&z,
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Answer: K ~c=M",mW
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A: long-run growth rate Wr<j!>J6Ki
3*(1+10%) =3.3 million >pU$wq|i
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B: target payout ratio hlV= qfc
Target payout ratio=3/15=20% !Fca~31R'
Dividend of 2008=18*2%=3.6 million 5*+!+V^?X
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C: residual dividend approach Lg KaPg$
Retained earnings=total new investment*(1-debt ratio)
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=12*(1-40%) R9'b-5q
=7.2 million a6D &/8
Residual dividend=18-7.2=10.8 million xDG2ws=@D
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) w1hPc!I
Regular dividend=3*(1+10%) =3.3 million q"%_tS
Extra dividend=residual dividend –regular dividend RP~|PtLw_
=10.8-3.3 69 5V3R 7
=7.5 million G'oG< /A
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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. ruc++@ J@
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. Q3
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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. o I=fx Sjd
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U).
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Answer: 4[.oPK=i
Notes: !B\R''J5
Actual price=18560/3200=$5.8/unit =7w\
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Actual quantity materials per unit=3200/2000=1.6 kg/unit tasIDoo+!J
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1).Standard quantity * standard price=standard total cost N9jH\0nG
(1.5*2000) * 6 =$18000 \ P j
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials 7({]x*o*%
（3200-3000） * 6 =$1200 VXYK?Qc'
3)Actual quantity * （actual price- standard price）= Price variance of direct materials xfpa]Z
3200 * (5.8 – 6) =$640 8 7BHq)
4)actual quantity *actual price =actual total cost [#l*
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3200 * 5.8 =$18560 n2]/v{E;/
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A：Price variance of direct materials=（actual price-standard price）*actual quantity PMN jn9d
= (5.8-6)*3200 2^y
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= $640 【F】 N "" BCh"
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. ;g @4
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price 5 MN8D COF
= (3200-3000)*6 #pb92kA'
=$1200 【U】 nSW=LjrO~<
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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. F ~^Jmp7Y
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C：Total variance of direct materials=actual costs- standard cost r ~/
=18560-18000 8vMG5#U[
=560 【U】 3on7~*
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