[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。） mhs%b4'>  
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. '}}DPoV  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: Q647a}  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. F4PD3E_#  
B. It continues the 2007 dividend payout ratio. ,<[os  
C. It uses a residual policy with all distributions in the form of dividends. )WzCUYE1/  
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). 5G2u(hx  
=6 [!'K  
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答案在楼下

Answer: 'IgtBd|K>  
:_^YEm +A  
A: long-run growth rate ^8\pJg_0  
3*(1+10%) =3.3 million HY 42G#^  
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B: target payout ratio ?K]k(ZV_+Y  
Target payout ratio=3/15=20% !]`]67lC  
Dividend of 2008=18*2%=3.6 million ar{e<&Bny  
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C: residual dividend approach WRnUF[y+)  
Retained earnings=total new investment*(1-debt ratio) \jfW$TtZm  
                 =12*(1-40%) k{;:KW|  
                 =7.2 million fY `A

 
Residual dividend=18-7.2=10.8 million O-|3k$'\z  
d*G$qUiX  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) ~C[,P\,  
Regular dividend=3*(1+10%) =3.3 million H4pjtVBr  
Extra dividend=residual dividend –regular dividend FqiK}K.~/  
              =10.8-3.3 (Hsf
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              =7.5 million v:+se6HY?p  
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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. %1lLUgf3G/  
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. k82'gJ;MC=  
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. {<i!Pm  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). hIw*dob  
kfHLj r.  
Answer: c=K M[s.  
Notes: ;uJVY)7a  
Actual price=18560/3200=$5.8/unit bv] ZUF0  
Actual quantity materials per unit=3200/2000=1.6 kg/unit Z]6D0b  
'3xSzsDn  
1).Standard quantity * standard price=standard total cost fpqKa r  
(1.5*2000)      *   6        =$18000 N$3F4b%+  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials Z# :Ww  
（3200-3000）                *  6         =$1200 isN"7y|r:X  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials g_q{3 PW.  
3200         * (5.8 – 6)                    =$640 WT0U)x( m5  
4)actual quantity *actual price =actual total cost <k)rfv7  
3200        * 5.8       =$18560 n b{8zo  
yZ2,AR%  
.d*vfE$  
A：Price variance of direct materials=（actual price-standard price）*actual quantity %URyGS]*  
                             = (5.8-6)*3200 Sz._XY^  
                             = $640  【F】 W[vak F  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. vbWX`skU  
>sP;B5S  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price yb]a p  
                                  = (3200-3000)*6 4f>Vg$4  
                                  =$1200   【U】 xo*a 9H?@  
R{WG>
c  
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. )9*-Q%zc  
&2 g1Oy~  
E;X'.7[c  
C：Total variance of direct materials=actual costs- standard cost F!Uk`[L  
                              =18560-18000 rzex"}/ly  
                              =560  【U】