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。） V%'' GF
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. ;#L]7ZY9:-
Calculate M’s expected dividends for 2008 if it follows each of the following policies: Vkf c&+
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. &D91bT+L
B. It continues the 2007 dividend payout ratio. (y s<{Y-;
C. It uses a residual policy with all distributions in the form of dividends. <m/XGFc
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). *4/KK
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Answer: MU4 BAN
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A: long-run growth rate G \R6=K:f7
3*(1+10%) =3.3 million
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B: target payout ratio u"Mf xW`
Target payout ratio=3/15=20% /[5\T2GI
Dividend of 2008=18*2%=3.6 million v6 H!.0
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C: residual dividend approach ?rY +,nQP
Retained earnings=total new investment*(1-debt ratio) P6")OWd
=12*(1-40%) drvz
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=7.2 million 558 !?kx$
Residual dividend=18-7.2=10.8 million F$ckW'V
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) `_sKR,LhB
Regular dividend=3*(1+10%) =3.3 million MP_/eC ;
Extra dividend=residual dividend –regular dividend OepQ Z|2
=10.8-3.3 ]@m`bs_6
=7.5 million dXPTW;w
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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. vuZ'Wo: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. b 'I@TLE')
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. dkW 7k^g
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). 7X8*7'.2
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Answer: Nxt`5kSx=
Notes: fymmA faR
Actual price=18560/3200=$5.8/unit VR'zm\< D
Actual quantity materials per unit=3200/2000=1.6 kg/unit ZENblh8fs
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1).Standard quantity * standard price=standard total cost 9I}Uh#]k<
(1.5*2000) * 6 =$18000 p q%inSY
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials -v:3#9uX)
（3200-3000） * 6 =$1200 RRro.r,
3)Actual quantity * （actual price- standard price）= Price variance of direct materials fm$Qd^E|e
3200 * (5.8 – 6) =$640 !hE F.S
4)actual quantity *actual price =actual total cost a5(9~. 9
3200 * 5.8 =$18560 aU/y>Y <k
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A：Price variance of direct materials=（actual price-standard price）*actual quantity AF,
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= (5.8-6)*3200 A8k $ .E
= $640 【F】 &XW ~l>!+
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. 3EH@tlTl
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price 3T>6Q#W5eO
= (3200-3000)*6 8@){\.M
=$1200 【U】 0b<Qs88yd>
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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. O_ vH w^
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C：Total variance of direct materials=actual costs- standard cost a/3yn9`sQ
=18560-18000 4;(W0RQa
=560 【U】 2@Q5Ta #h
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