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。） \GdsQ AF"
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. q71V]!
Calculate M’s expected dividends for 2008 if it follows each of the following policies: WxJ V
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A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. U}<' [o
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B. It continues the 2007 dividend payout ratio. cq4sgQ ?sW
C. It uses a residual policy with all distributions in the form of dividends. p1']+4r%
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). (r-8*)Qh8
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Answer: !a7 YM4 D
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A: long-run growth rate +EvY-mwfQ
3*(1+10%) =3.3 million ^5Ob( FvU
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B: target payout ratio P0l.sVqL
Target payout ratio=3/15=20% *Xk gwJq
Dividend of 2008=18*2%=3.6 million >l =;6QL
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C: residual dividend approach 2Xqa?ay0>
Retained earnings=total new investment*(1-debt ratio) jMP;$w
=12*(1-40%) ,xg(F0q
=7.2 million =GL^tAUJ
Residual dividend=18-7.2=10.8 million ]owcx=5q%'
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) 4p&YhV7j)o
Regular dividend=3*(1+10%) =3.3 million uC5W1LyI
Extra dividend=residual dividend –regular dividend Vy+kq_9
=10.8-3.3 Os[50j!4>
=7.5 million yhxZ^ (I
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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 $18.560. e[g.&*!
A. Calculate the direct material price variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. "rcV? 5?v~
B. Calculate the direct material quantity variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. p sAr>:\3
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). '&F
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Answer: Jzj>=jWX@
Notes: "64D.c(r$
Actual price=18560/3200=$5.8/unit B18?)LA
Actual quantity materials per unit=3200/2000=1.6 kg/unit Df}3^J ~JX
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1).Standard quantity * standard price=standard total cost qR^i5JH}u
(1.5*2000) * 6 =$18000 DC,]FmWs!+
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials GQ1m
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（3200-3000） * 6 =$1200 ^dR gYi"(A
3)Actual quantity * （actual price- standard price）= Price variance of direct materials I 7{
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3200 * (5.8 – 6) =$640 */ok ]kX'
4)actual quantity *actual price =actual total cost t y
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3200 * 5.8 =$18560 dRXdV7-!
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A：Price variance of direct materials=（actual price-standard price）*actual quantity s AlOX` t
= (5.8-6)*3200 %VGQ{:
= $640 【F】 M*<Bp
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. d^ G5Pq
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price M6*8}\
= (3200-3000)*6 `E5vO1Pl
=$1200 【U】 OYY_@'D
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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. OIrr'uNH
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C：Total variance of direct materials=actual costs- standard cost ez^b{s`
=18560-18000 g?e-D.p SF
=560 【U】 'Q4V (.
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