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 &N c
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. ha_ &U@w
Calculate M’s expected dividends for 2008 if it follows each of the following policies: T;jy2|mLo
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. %!Z9: +;B
B. It continues the 2007 dividend payout ratio. . AJ(nJ)
C. It uses a residual policy with all distributions in the form of dividends. 6S*L[zBnA\
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). xfYDjf :<
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Answer: \D
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A: long-run growth rate iupuhq$ ]
3*(1+10%) =3.3 million S[g{
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B: target payout ratio Pyfj[m4+}
Target payout ratio=3/15=20% Xtv^q> !
Dividend of 2008=18*2%=3.6 million -L=aZPW`M
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C: residual dividend approach 3 sUTdCnNf
Retained earnings=total new investment*(1-debt ratio) Q7uhz5oZ
=12*(1-40%) Lh eO GM
=7.2 million w<}kY|A"=-
Residual dividend=18-7.2=10.8 million VHwAO:+-
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) $,Q 0ay
Regular dividend=3*(1+10%) =3.3 million `1;m:,9
Extra dividend=residual dividend –regular dividend @K{1O| V
=10.8-3.3 {p -q&k&R|
=7.5 million %NH#8#';2
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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. >/W
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. hsYS<]
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. /K!&4mK
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). S.G"*' N
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Answer: t]dtBt].:
Notes: ddR*&.Y!a
Actual price=18560/3200=$5.8/unit RRXnj#<g
Actual quantity materials per unit=3200/2000=1.6 kg/unit r1vF/yt(
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1).Standard quantity * standard price=standard total cost uO=yQ&
(1.5*2000) * 6 =$18000 dY|~" 6d)
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials k&TZ
（3200-3000） * 6 =$1200 {w/{)B nPG
3)Actual quantity * （actual price- standard price）= Price variance of direct materials =E
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3200 * (5.8 – 6) =$640 [WZGu6$SU
4)actual quantity *actual price =actual total cost 7sgK+
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3200 * 5.8 =$18560 SQ$|s%)oB
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A：Price variance of direct materials=（actual price-standard price）*actual quantity D cjF $E
= (5.8-6)*3200
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= $640 【F】 $@WqM$
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. hDPZj#(c
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price W Dr C
= (3200-3000)*6 GPyr;FV!s
=$1200 【U】 ,q[a
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Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. nw.,` M,N
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C：Total variance of direct materials=actual costs- standard cost 2=?:(e9
=18560-18000 k4@$vxy0
=560 【U】 ;_bZH%o.
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