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。）
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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. 1F_ 1bAh$
Calculate M’s expected dividends for 2008 if it follows each of the following policies: J>Uzd,
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A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. ewb/ Z[4
B. It continues the 2007 dividend payout ratio. p$A` qx<M_
C. It uses a residual policy with all distributions in the form of dividends. IRW%*W#
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). ,-[dr|.
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Answer: m+/-SG
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A: long-run growth rate 7,N>u8cTh
3*(1+10%) =3.3 million <r{ )*]#l
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B: target payout ratio LYY|8)Nj2"
Target payout ratio=3/15=20% MJ:>ZRXC E
Dividend of 2008=18*2%=3.6 million -O=a"G=
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C: residual dividend approach }uE8o"q
Retained earnings=total new investment*(1-debt ratio) 4Sq Z V
=12*(1-40%) 6hs2
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=7.2 million jW-j+ WGSM
Residual dividend=18-7.2=10.8 million fjAJys)Q
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) ?>p<!:E !r
Regular dividend=3*(1+10%) =3.3 million @#%rTKD9F
Extra dividend=residual dividend –regular dividend = ?h x+-'
=10.8-3.3 kFG>Km(y}
=7.5 million * 0,?QS-a
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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. {m/\AG)1
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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. KR6*)?c`
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. YJ`[$0mam
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). %q@eCN
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Answer: sy
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Notes: /
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Actual price=18560/3200=$5.8/unit &!{wbm@
Actual quantity materials per unit=3200/2000=1.6 kg/unit a9q68
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1).Standard quantity * standard price=standard total cost dsP1Zq
(1.5*2000) * 6 =$18000 %8T:r S
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials q(Y<cJ?X
（3200-3000） * 6 =$1200 w\'Zcw,d
3)Actual quantity * （actual price- standard price）= Price variance of direct materials J(\"\ Z
3200 * (5.8 – 6) =$640 o4b!U %
4)actual quantity *actual price =actual total cost OKp(A
3200 * 5.8 =$18560 \"qXlTQ1_9
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A：Price variance of direct materials=（actual price-standard price）*actual quantity | *N.SS
= (5.8-6)*3200 PZF>ia}
= $640 【F】 b\ %=mN
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. g]V}azLr
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price X?b]5?K;r
= (3200-3000)*6 'r%`(Z{~
=$1200 【U】 l|Zw Zix
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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. .e2u)YqA
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+0=u ]
C：Total variance of direct materials=actual costs- standard cost .BXZ\r`
=18560-18000 \ K)"@gdW
=560 【U】 6-#f1D 6
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