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。） (fYYcpd,k
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. 6&"*{E
Calculate M’s expected dividends for 2008 if it follows each of the following policies: lSfPOx ;*
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. nt%fJ k
B. It continues the 2007 dividend payout ratio. sa}.o Zp Q
C. It uses a residual policy with all distributions in the form of dividends. ]`q]\EH
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). kXWC
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Answer: ov5g`uud
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A: long-run growth rate n
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3*(1+10%) =3.3 million au E8 ^|
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B: target payout ratio 8Ow#W5_3|
Target payout ratio=3/15=20% [{0/'+;9
Dividend of 2008=18*2%=3.6 million ! gL1
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C: residual dividend approach >uo=0=9=
Retained earnings=total new investment*(1-debt ratio) 9!PM1<p
=12*(1-40%) ec,Bu7'8
=7.2 million 29nMm>P.e
Residual dividend=18-7.2=10.8 million [x%8l,O
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) B1j^qoC. 5
Regular dividend=3*(1+10%) =3.3 million Y>{%,d#s_
Extra dividend=residual dividend –regular dividend b\^1P;!'W
=10.8-3.3 KGf@d*ZOMz
=7.5 million B~E>=85z
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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. Zbr1e5?
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. g7w#;E
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. = eR#]d
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). ~<}?pDA}~
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Answer: Q O>)ug+
Notes: )+"(7U<
Actual price=18560/3200=$5.8/unit a# Uk:O!
Actual quantity materials per unit=3200/2000=1.6 kg/unit 1wE` kbC<
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1).Standard quantity * standard price=standard total cost e
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(1.5*2000) * 6 =$18000 (SCZ.G(>
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials |}: D_TX
（3200-3000） * 6 =$1200 * c( J
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3)Actual quantity * （actual price- standard price）= Price variance of direct materials ^Ge|tBMoKE
3200 * (5.8 – 6) =$640 t Kjk<
4)actual quantity *actual price =actual total cost ?IDkDv!na~
3200 * 5.8 =$18560 .G}$jO}
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A：Price variance of direct materials=（actual price-standard price）*actual quantity { )4@rM
= (5.8-6)*3200 3!Mb<W.3
= $640 【F】 ]'vAeC6{
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. SbobXTbG
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price "Z"`X3,-z
= (3200-3000)*6 M2A3]wd2a
=$1200 【U】 {\ VmNnw
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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. ioslarw1J
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C：Total variance of direct materials=actual costs- standard cost r2&/Ii+
=18560-18000 '<wZe.Q!
=560 【U】 #b1/2=PA
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