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。） /
!A&z4;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. n7d`J_%s
Calculate M’s expected dividends for 2008 if it follows each of the following policies: G[!<mh4h|
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. ~ T&X#i
B. It continues the 2007 dividend payout ratio. 7s1LK/R|u
C. It uses a residual policy with all distributions in the form of dividends. p fg>H
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). hj[sxC>z5
Dz+R Q`Vn
%$F\ o1S
Answer: 92L{be; SY
Fi"TY^-E;
A: long-run growth rate *.
;
}v@
3*(1+10%) =3.3 million G)\6W#de4
DJHE6XJ
B: target payout ratio 6}PoBhgSg-
Target payout ratio=3/15=20%
}Yp]A
Dividend of 2008=18*2%=3.6 million 2LH.I f
mOx
>
p"n
C: residual dividend approach 9_pOV%Qs
Retained earnings=total new investment*(1-debt ratio) cin3)lm
=12*(1-40%) +K[H! fD
=7.2 million Xr pnc 7
Residual dividend=18-7.2=10.8 million kam \dn04
S|ADu ]H(
D: regular-dividend-plus-extra dividend approach (according to the residual policy) F%
K}&3
Regular dividend=3*(1+10%) =3.3 million xr-v"-
Extra dividend=residual dividend –regular dividend >]WQ1E[=
=10.8-3.3 lF!Iu.MM 9
=7.5 million 84ma X'
Le}-F {~`^
`<d{(9 :+
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. 8BwJWxBQ
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. .R {P%r
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. = %oKYQ
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). w\ 7aAf3O
t~FOaSt
Answer: !Ql
& Ls
Notes: I;Bci m;
Actual price=18560/3200=$5.8/unit yn-TN_/Y,
Actual quantity materials per unit=3200/2000=1.6 kg/unit X7&
^"|:
W=T,hOyh<W
1).Standard quantity * standard price=standard total cost SiSx y m
(1.5*2000) * 6 =$18000 kc70HrG
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials a,* ~wmg
（3200-3000） * 6 =$1200 .(2ui~ed
3)Actual quantity * （actual price- standard price）= Price variance of direct materials "+J[7p}`@
3200 * (5.8 – 6) =$640
+46?+kKt
4)actual quantity *actual price =actual total cost 4
g^oy^~
3200 * 5.8 =$18560 Qz/1^xy
fQOh% i9n5
`@|Kx\y4=j
A：Price variance of direct materials=（actual price-standard price）*actual quantity <',bqsg[
= (5.8-6)*3200 %QrpFE5 V5
= $640 【F】 j #)K
/`
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. `. a~G
y
iu 6NIy7D
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price 9 ~$' ?
= (3200-3000)*6 F%>`?NG+c
=$1200 【U】 tB7g.)yZb
A&6 qt
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. ygquQhf5
p8Wik< '^
|VD}:
C：Total variance of direct materials=actual costs- standard cost 'VTLp.~G~
=18560-18000 z wJ Vi9sO
=560 【U】 Kwa$5q ZI
OAXF=V F#
