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。） i 0u `J
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. t >P[Yld"
Calculate M’s expected dividends for 2008 if it follows each of the following policies: O 0 3F@v
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. d*x&Uh[K
B. It continues the 2007 dividend payout ratio. [e>2HIS,
C. It uses a residual policy with all distributions in the form of dividends. 9a#Y
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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). @=OX7zq\h-
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Answer: ~7gFddi=i
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A: long-run growth rate YZAQ t* x
3*(1+10%) =3.3 million drvz
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B: target payout ratio ^fV-m&F)K*
Target payout ratio=3/15=20% .l,]yWwfK
Dividend of 2008=18*2%=3.6 million MP_/eC ;
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C: residual dividend approach cd`P'G DF
Retained earnings=total new investment*(1-debt ratio) e5D\m g)
=12*(1-40%) O;$}j:;KF
=7.2 million e~SRGyIww
Residual dividend=18-7.2=10.8 million j )wrF@W
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) 9VMk ?
Regular dividend=3*(1+10%) =3.3 million WD5jO9Oai
Extra dividend=residual dividend –regular dividend ..x 2
=10.8-3.3 Q9c*I ,O j
=7.5 million _0y]U];ce
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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. mKoDy`s
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. \p%D;g+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. Xy}>O*
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). Jpy~5kS
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Answer: Vh^ :.y
Notes: W.59Al'
Actual price=18560/3200=$5.8/unit KpIY>k
Actual quantity materials per unit=3200/2000=1.6 kg/unit E
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1).Standard quantity * standard price=standard total cost 0>"y)T3
(1.5*2000) * 6 =$18000 aU/y>Y <k
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials );?tGX
（3200-3000） * 6 =$1200 AF,
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3)Actual quantity * （actual price- standard price）= Price variance of direct materials A8k $ .E
3200 * (5.8 – 6) =$640 &XW ~l>!+
4)actual quantity *actual price =actual total cost }rnu: 7
3200 * 5.8 =$18560 iVo-z#
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A：Price variance of direct materials=（actual price-standard price）*actual quantity #bCUI*N"P
= (5.8-6)*3200 8@){\.M
= $640 【F】 (,|eE)+
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. e(FT4KD~
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price n<F3&2w
= (3200-3000)*6 HG)$ W
=$1200 【U】 7+Nl)d:C J
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Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. VA`VDUG,
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C：Total variance of direct materials=actual costs- standard cost flz7{W
=18560-18000 |,({$TrF
=560 【U】 z@~mu
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