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. L2p?] :-
Calculate M’s expected dividends for 2008 if it follows each of the following policies: 'pT 13RFD
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. {?N m"#
B. It continues the 2007 dividend payout ratio. 0%Le*C'yk
C. It uses a residual policy with all distributions in the form of dividends. U3C"o|
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). $ OG){'X
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Answer: .^M#BAt2
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A: long-run growth rate 0zA;%oP
3*(1+10%) =3.3 million 4Z>gK (
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B: target payout ratio <5D4h!
Target payout ratio=3/15=20% n807?FORB
Dividend of 2008=18*2%=3.6 million ~&<t++ g
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C: residual dividend approach 6 }m `_d?
Retained earnings=total new investment*(1-debt ratio) yuy \T(7BN
=12*(1-40%) .; Mb4"
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=7.2 million ]E-3/r$_cO
Residual dividend=18-7.2=10.8 million g5y`XFY
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) Ufl\
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Regular dividend=3*(1+10%) =3.3 million U#c G
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Extra dividend=residual dividend –regular dividend {f\wIZ-K A
=10.8-3.3
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=7.5 million a7c`[
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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. S9Oz5 _x
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. | ,@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. $1 "gFg
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). F{;#\Ob
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Answer: +Eh.PWEe
Notes: "d:rPJT)(@
Actual price=18560/3200=$5.8/unit haBmwq(f
Actual quantity materials per unit=3200/2000=1.6 kg/unit lHtywZ@%3
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1).Standard quantity * standard price=standard total cost X5YOxMq
(1.5*2000) * 6 =$18000 ^7wqb 'xg
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials 4/|x^Ky>G
（3200-3000） * 6 =$1200 _,!0_\+i
3)Actual quantity * （actual price- standard price）= Price variance of direct materials { PX&#,_
3200 * (5.8 – 6) =$640 {Y@shf;
4)actual quantity *actual price =actual total cost X+ITW #
3200 * 5.8 =$18560 W]#w4Fp!
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A：Price variance of direct materials=（actual price-standard price）*actual quantity 6`O,mpPu4G
= (5.8-6)*3200 tu<<pR>
= $640 【F】 Sc]K-]1(H
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. !Pw*p *z
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price ,eBC]4)B6
= (3200-3000)*6 ~*7$aj
=$1200 【U】 TdgK.g 4
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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. l<w7
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C：Total variance of direct materials=actual costs- standard cost y
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=18560-18000 s-#E
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=560 【U】 $ uHQl#!;
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