[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。） "9^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. a(9L,v#?  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: ,Td!|~I|j6  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. G-He" 4& $  
B. It continues the 2007 dividend payout ratio. %T)oCjM[\  
C. It uses a residual policy with all distributions in the form of dividends. 7A\~)U@  
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). MwR0@S}*
 
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答案在楼下

Answer: #ceaZn|@m  
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A: long-run growth rate =9z[[dQ|L  
3*(1+10%) =3.3 million P#_sg0oJF  
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B: target payout ratio j8fpj{hp  
Target payout ratio=3/15=20% wmTq` XH)  
Dividend of 2008=18*2%=3.6 million CMCO}#  
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C: residual dividend approach <IC~GqXv  
Retained earnings=total new investment*(1-debt ratio) y
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                 =12*(1-40%) @~#Ym1{W  
                 =7.2 million )QG<f{wS  
Residual dividend=18-7.2=10.8 million ;}1xn3THCn  
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D: regular-dividend-plus-extra dividend approach (according to the residual policy)
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Regular dividend=3*(1+10%) =3.3 million ,daKC  
Extra dividend=residual dividend –regular dividend "7v@Rye  
              =10.8-3.3 *=wYuJ#  
              =7.5 million 9(L)&S{4K  
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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. +{/*z  
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. sp ]zbX?  
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. OzQ -7|m'J  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). !O#dV1wAa  
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Answer: gF0q@My~  
Notes: xritonG/F  
Actual price=18560/3200=$5.8/unit qpsvi.S  
Actual quantity materials per unit=3200/2000=1.6 kg/unit DZv=\<$,LF  
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1).Standard quantity * standard price=standard total cost ]b=P=
 
(1.5*2000)      *   6        =$18000 GG0R}',0  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials VB?Ohk]<  
（3200-3000）                *  6         =$1200 h^*4 }GU  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials 8?i7U<CB  
3200         * (5.8 – 6)                    =$640 Ga^Zb^y  
4)actual quantity *actual price =actual total cost n f.wCtf].  
3200        * 5.8       =$18560 \|Ul]1pO8  
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A：Price variance of direct materials=（actual price-standard price）*actual quantity qt3PXqR7:  
                             = (5.8-6)*3200 m1IKVa7-\}  
                             = $640  【F】 =e}H'5?!  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. 6}(J6T46M[  
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price \/SQ,*O  
                                  = (3200-3000)*6 }?@rO`:EF+  
                                  =$1200   【U】 R-RDT9&<  

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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. NO0"*c;  
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C：Total variance of direct materials=actual costs- standard cost PT^c^{V  
                              =18560-18000 +MB!B9M@  
                              =560  【U】