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。） AX'-}5T=
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. UR S=1+
Calculate M’s expected dividends for 2008 if it follows each of the following policies: M a
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A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. f*IvaY
B. It continues the 2007 dividend payout ratio. HuK Ob4g
C. It uses a residual policy with all distributions in the form of dividends. c.5u \ I9"
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). aT+w6{%Z
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Answer: XX
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A: long-run growth rate o}f$?{)|
3*(1+10%) =3.3 million 9'e<
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B: target payout ratio gjFQDrz(
Target payout ratio=3/15=20% B/^o$i
Dividend of 2008=18*2%=3.6 million ZR"qr
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C: residual dividend approach L@_o*"&j
Retained earnings=total new investment*(1-debt ratio) \m1^sFMZ
=12*(1-40%) ?AQA>D#W
=7.2 million 8rFP*K9
Residual dividend=18-7.2=10.8 million Fey^hx
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) U!K#g_}
Regular dividend=3*(1+10%) =3.3 million "` %UC#
Extra dividend=residual dividend –regular dividend wehiX7y
=10.8-3.3 PnB2a'(^@?
=7.5 million `*`ZgTV
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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. AxF$7J(
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. ~2 yhZ
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. &p* rEs
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). h(3-/4
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Answer: =W2I0nr.
Notes: .cx9+;
Actual price=18560/3200=$5.8/unit l<ZHS'-;8
Actual quantity materials per unit=3200/2000=1.6 kg/unit F g'{K%t4
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1).Standard quantity * standard price=standard total cost - DYH>!
(1.5*2000) * 6 =$18000 Ke]'RfO\
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials &OE BAtc/
（3200-3000） * 6 =$1200 <X5ge>.
3)Actual quantity * （actual price- standard price）= Price variance of direct materials Asq&Z$bB_
3200 * (5.8 – 6) =$640 v6
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4)actual quantity *actual price =actual total cost "Vp :Sq9y
3200 * 5.8 =$18560 fA[T5<66
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A：Price variance of direct materials=（actual price-standard price）*actual quantity 5Z"N2D)."
= (5.8-6)*3200
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= $640 【F】 r>PKl'IbE
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. 0dI7{o;<|
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price jqTK7b
= (3200-3000)*6 d>c`hQ(V
=$1200 【U】 i }Zz[b
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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. }#Iqq9[
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C：Total variance of direct materials=actual costs- standard cost oR7f3';?6
=18560-18000 |
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=560 【U】 cf*~G x_l
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