[专业英语]2008财务成本管理英语加试题答案 [复制链接]

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。） 6Gt~tlt:L  
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. v[$-)vs*ag  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: ?yAp&Ad  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. 0cYd6u@  
B. It continues the 2007 dividend payout ratio. zzlqj){F  
C. It uses a residual policy with all distributions in the form of dividends. @8keLrp  
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). [tN^)c`s/  
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答案在楼下

Answer: !yUn|v>&p  
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A: long-run growth rate ~Onj|w7  
3*(1+10%) =3.3 million %:jVx  
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B: target payout ratio Sn o7Ru2  
Target payout ratio=3/15=20% /5x~3~  
Dividend of 2008=18*2%=3.6 million =O~ J  
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C: residual dividend approach $ 12mS  
Retained earnings=total new investment*(1-debt ratio) tQ:g#EqL9B  
                 =12*(1-40%) {c 82bFiv  
                 =7.2 million B~%'YQk  
Residual dividend=18-7.2=10.8 million S\\3?[!p  
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) Z`FEB0$  
Regular dividend=3*(1+10%) =3.3 million fPW|)e"  
Extra dividend=residual dividend –regular dividend $
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              =10.8-3.3 su?{Cj6*  
              =7.5 million =)h<" 2  
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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. 7@[HRr  
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. xH,D bAC;  
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. "7]YvZYu0  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U).  <>|&%gmz  
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Answer: rNi]|)-ET  
Notes: dkHye>  
Actual price=18560/3200=$5.8/unit R*"31&3le4  
Actual quantity materials per unit=3200/2000=1.6 kg/unit i8h(b2odQ  
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1).Standard quantity * standard price=standard total cost j{U
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(1.5*2000)      *   6        =$18000 qw#wZ'<n  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials oVD)Fb%[i9  
（3200-3000）                *  6         =$1200 `[OJ)tHE  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials |b BA0.yS  
3200         * (5.8 – 6)                    =$640 uG5RE  
4)actual quantity *actual price =actual total cost >A]U.C  
3200        * 5.8       =$18560 bF85T(G  
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A：Price variance of direct materials=（actual price-standard price）*actual quantity KA[8NPhzZ  
                             = (5.8-6)*3200 D.!ay>o0#  
                             = $640  【F】 g':/hlQ  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. BzVF!<!  
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price S= NG
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                                  = (3200-3000)*6 IIn
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                                  =$1200   【U】 FnZMW, P  
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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. #hKaH -j  
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C：Total variance of direct materials=actual costs- standard cost m'!smSx8  
                              =18560-18000 lmsO 6=I4F  
                              =560  【U】