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。) +crAkb}i
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 $12 million investment opportunities in 2009.It is predicted that M will not be able to maintain the 2008 level of earnings growth in the future----the high 2008 earnings level is attributable to an exceptionally profitable new product line introduced in that year----and the company will return to its previous 10 percent growth rate. M’s target debt ratio is 40 percent in 2007, which will be continued in the future. A^ ,(Vyd
Calculate M’s expected dividends for 2008 if it follows each of the following policies: a+{g~/z;,Q
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. WP]<\_r2
B. It continues the 2007 dividend payout ratio. =AD/5E,3
C. It uses a residual policy with all distributions in the form of dividends. eaX`S.!jR
D. It employs a regular-dividend-plus-extras policy, with the regular dividend being based on the long-run growth rate and the extra dividend being set according to the residual policy(Indicate the regular dividend and the extra dividend separately). n[4Nu`E9
R1Pnj
hsqUiB tc6
Answer: S
OK2{xCG
l42m81x"
A: long-run growth rate CzvlZDo
3*(1+10%) =3.3 million W77JXD93
J~_p2TZJ\3
B: target payout ratio |Y'$+[TE
Target payout ratio=3/15=20% ?>%u[g
Dividend of 2008=18*2%=3.6 million xh-[]Jz(
g~B@=R
C: residual dividend approach =fsaJ@q,R
Retained earnings=total new investment*(1-debt ratio) e-e{-pB6
=12*(1-40%) ;*Rajq
=7.2 million /t>o
-
Residual dividend=18-7.2=10.8 million \B}W(^\wg;
LpmspIPvf
D: regular-dividend-plus-extra dividend approach (according to the residual policy) mCz6&
Regular dividend=3*(1+10%) =3.3 million w4x 8
Sre
Extra dividend=residual dividend –regular dividend ^mJvB[ u|
=10.8-3.3 }MIH{CMH
=7.5 million !r
LHPg
o[v`Am?v
zr[~wM
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. Q5<vK{
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. 6U&Uyd)
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. cw5YjQ8 9
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). ! 4oIx`
Nl_;l
Answer: i*^K)SI8
Notes: D{loX6
Actual price=18560/3200=$5.8/unit Cf
i2N V
Actual quantity materials per unit=3200/2000=1.6 kg/unit xc/|#TC8?
|E~X]_Y
1).Standard quantity * standard price=standard total cost _yoG<qI
(1.5*2000) * 6 =$18000 QE #$bCw
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials 'D/AL\1{p(
(3200-3000) * 6 =$1200 P9>C!0 -x
3)Actual quantity * (actual price- standard price)= Price variance of direct materials ks r5P~
3200 * (5.8 – 6) =$640 }cPV_^{
4)actual quantity *actual price =actual total cost SRD&Uf0M
3200 * 5.8 =$18560 Tb)x8-0
RyhR#
8 6+>|
A:Price variance of direct materials=(actual price-standard price)*actual quantity Z|/):nVP7
= (5.8-6)*3200 f9 Xw]G9
= $640 【F】 FRg6-G/S
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. xaS
s Y6'y'a95
B:Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price u!-eP7;7
= (3200-3000)*6 7
%|>7
=$1200 【U】 GawO>7w8
F0JFx$AoD
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>Zu[8a
nB]Q^~jX
i4p
JIb
C:Total variance of direct materials=actual costs- standard cost kp6x6%{K\
=18560-18000 5&kR1Bp#-
=560 【U】 YHA[PF
(s3%1OC[