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。） .R,8<4
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. s@|?N+z
Calculate M’s expected dividends for 2008 if it follows each of the following policies: zU%aobZ
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. \=<.0K A~
B. It continues the 2007 dividend payout ratio. 0&x)5^lG
C. It uses a residual policy with all distributions in the form of dividends. 67eo~~nUtg
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).
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Answer: $j/F7.S
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A: long-run growth rate ))N^)HR
3*(1+10%) =3.3 million [
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B: target payout ratio Fk4 3sqU6~
Target payout ratio=3/15=20% x@~V975Y
Dividend of 2008=18*2%=3.6 million iR-O6*PTC
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C: residual dividend approach 0AEs+=
Retained earnings=total new investment*(1-debt ratio) DiX4wm Q
=12*(1-40%) '9)@ U+yfQ
=7.2 million L!Ro`6|7;
Residual dividend=18-7.2=10.8 million N?XN$hwdZ
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) lF cC
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Regular dividend=3*(1+10%) =3.3 million |&JL6hN
Extra dividend=residual dividend –regular dividend tv2dyC&a
=10.8-3.3 OW>U 5 \q
=7.5 million _W+TZa@_
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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 $18.560. zM!*r ~*k$
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. '54@ -}D
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. g`j%jQuY
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). J}x5Ko@
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Answer: Rl
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Notes: 7~',q"4P/_
Actual price=18560/3200=$5.8/unit H{BjxZ~)
Actual quantity materials per unit=3200/2000=1.6 kg/unit b6lL8KOu
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1).Standard quantity * standard price=standard total cost w-2]69 $k
(1.5*2000) * 6 =$18000 BK{8\/dg
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials 4aRYz\yT=
（3200-3000） * 6 =$1200 ,P|PPx%@
3)Actual quantity * （actual price- standard price）= Price variance of direct materials ?aCR>AY5X
3200 * (5.8 – 6) =$640 A9#2. 5
4)actual quantity *actual price =actual total cost )mEF_ &
3200 * 5.8 =$18560 4c% :?H@2
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A：Price variance of direct materials=（actual price-standard price）*actual quantity 1/ m/Iw@
= (5.8-6)*3200 r,}Zc W+
= $640 【F】 25 (\'484>
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. ?`r/_EKNv
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price s)V^_@Z 9
= (3200-3000)*6 &ke4":7X
=$1200 【U】 vV|egmw01
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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. 3FdoADe{{
$=bN=hE
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C：Total variance of direct materials=actual costs- standard cost VltWY'\Wu;
=18560-18000 j@Dy Wm/7
=560 【U】 u4 "+u"{d
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