注册会计师

六、英文附加题(本题型共2题，每题5分，共l0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。请在答题卷上解答，答在试题卷上无效。)
1．M company is a manufactory which produces toys．The budgeted production and sales of the company are both expected to be 200 units in the coming year，the budgeted selling price is$370 per unit．The following information relates to the costs of producing 200 toys：
Per unit(＄)
Total(＄)
Direct material costs
l 50
30 000
Direct labor costs
80
1 6 000
Variable production overheads
50
1 0 000
Variable selling and administration overheads
30
6 000
Fixed production overheads
6 000
Fixed selling and administration overheads
3 000
Requirement：
A．Calculate the total contribution margin．
B．Calculate the amounts of profit at the budgeted level of production．
C．Calculate the break-even point in units and the margin of safety．
D．If M company desires a profit of$4 800，calculate the number of units that it must produce and sell．
2．For the year just ended，N company had an earnings of$2 per share and paid a dividend of $1.2 on its Stock．The growth rate in net income and dividend are both expected to be a constant 7 percent per year,indefinitely．N company has a Beta of 0．8，the risk-free interest rate is 6 percent，and the market risk premium is 8 percent．
P Company is very similar to N company in growth rate，risk and dividend payout ratio．It had 20 million shares outstanding and an earnings of$36 million for the year just ended．
The earnings will increase to$38．5 million the next year．
Requirement：
A．Calculate the expected rate of return on N company’s equity．
B．Calculate N Company’s current price—earning ratio and prospective price-earning ratio．
C．Using N company’s current price-earning ratio，value P company’s stock price．
D．Using N company’s prospective price-earning ratio，value P company’s stock price．

（责任编辑：）

共2页,当前第1页  第一页  前一页  下一页