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。） B-!guf
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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. }%
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Calculate M’s expected dividends for 2008 if it follows each of the following policies: @. " q
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. o
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B. It continues the 2007 dividend payout ratio. A y 2b,q
C. It uses a residual policy with all distributions in the form of dividends. Ll,I-B
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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). X *0k>j
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Answer: F
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A: long-run growth rate 21U&Ww
3*(1+10%) =3.3 million eaEbH2J
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B: target payout ratio W:WQaF`2x
Target payout ratio=3/15=20% A*hZv|$0
Dividend of 2008=18*2%=3.6 million
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C: residual dividend approach q$F) !&
Retained earnings=total new investment*(1-debt ratio) 0} B?sNr
=12*(1-40%) j(sLK
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=7.2 million z ^'n* h
Residual dividend=18-7.2=10.8 million iecWa:('
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) YNI;h%
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Regular dividend=3*(1+10%) =3.3 million C ck#Y
Extra dividend=residual dividend –regular dividend f_rp<R>Uu
=10.8-3.3 ( (qGh>*
=7.5 million "9w}dQ
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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. {#N%Bq}
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. n , CD
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. . @@an;C
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). [P{a_(
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Answer: Y~}5axSPH
Notes: Apmw6cc
Actual price=18560/3200=$5.8/unit })P O7:
Actual quantity materials per unit=3200/2000=1.6 kg/unit iUTU*E l>
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1).Standard quantity * standard price=standard total cost m^Glc ?g<
(1.5*2000) * 6 =$18000 wqP2Gw7jh6
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials zZ: xEc
（3200-3000） * 6 =$1200 zd.'*Dj
3)Actual quantity * （actual price- standard price）= Price variance of direct materials L!,d"wuD
3200 * (5.8 – 6) =$640 Hs$'0 :
4)actual quantity *actual price =actual total cost D^|9/qm$
3200 * 5.8 =$18560 6lsEGe
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A：Price variance of direct materials=（actual price-standard price）*actual quantity gX^ PSsp
= (5.8-6)*3200 ?_%u)S*
g
= $640 【F】 z6 I% wh
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. { D+Ym%n
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price LL.x11 o3
= (3200-3000)*6 P 6.!3%y
=$1200 【U】 ;}K62LSR
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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. <! F3s`7~
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C：Total variance of direct materials=actual costs- standard cost hO
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=18560-18000 Rk A8
=560 【U】 <bP#H
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