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.Requirment:Calculate M's expected dividends for 2008 if it follows each of the following policies: A.Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings.B.It continues the 2007 dividend payout ratio.C.It uses a residual policy with all distributions in the form of dividends.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).

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.


Requirment:


Calculate M's expected dividends for 2008 if it follows each of the following policies:


A.Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings.


B.It continues the 2007 dividend payout ratio.


C.It uses a residual policy with all distributions in the form of dividends.


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).





参考解析

解析:

Answer:


A. Continuing growth dividend policy:


3*(1+10%) =$3.3 million


B.Constant payout ratio dividend policy:


18*3/15=$3.6 million


C.Residual dividend policy:


18 -12*(1- 40%) =$10.8 million


D. Regular - dividend - plus - plus - extra policy:


Regular dividend=3*(1+10%) =$3.3million


Extra dividend=10.8-3.3=$7.5 million





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共用题干Rise in Number of Cancer SurvivorsCancer is the second leading cause of death in the United States,after heart disease. In the__________(1),it was often considered a death sentence.But many patients now live longer_________(2)of improvements in discovery and treatment.Researchers say death_________(3)in the United States from all cancers combined have fallen for thirty years.Survival rates have increased for most of the top fifteen cancers in both men and women,and for cancers in_________(4).The National Cancer Institute and the Centers for Disease Control and Prevention studied the number of cancer survivors.A cancer survivor is defined________(5) anyone who has been found to have cancer. This would include current patients.The study covered the period________(6)1971 to 2001.The researchers found there are three__________(7)as many cancer survivors today as there were thirty years ago.In 1971, the United States had about three million cancer__________(8).Today there are about ten million.The study also found that 64% of adults with cancer can expect to still be_______ (9)in five years,Thirty years ago,the five-year survival rate was 50%.The government wants to________(10)the five-year survival rate to 70% by 2010.The risk of cancer increases with age.The report says the majority of survivors are 65years and ________(11).But it says medical improvements have also helped children with cancer live ________(12)longer.Researchers say 80% of children with cancer will survive at least five years after the discovery.About 75% will survive at________(13)ten years.In the 1970s,the five-year survival rate for children was about 50%.In the 1960s,most children did not survive cancer. Researchers say they ________(14)moreimprovements in cancer treatment in the future.In fact,they say traditional cancer-prevention programs are not enough anymore.They say public health programs should also aim to support the_______(15)numbers of cancer survivors and their families._________(10) A:fix B:lower C:study D:increase

共用题干Rise in Number of Cancer SurvivorsCancer is the second leading cause of death in the United States,after heart disease. In the__________(1),it was often considered a death sentence.But many patients now live longer_________(2)of improvements in discovery and treatment.Researchers say death_________(3)in the United States from all cancers combined have fallen for thirty years.Survival rates have increased for most of the top fifteen cancers in both men and women,and for cancers in_________(4).The National Cancer Institute and the Centers for Disease Control and Prevention studied the number of cancer survivors.A cancer survivor is defined________(5) anyone who has been found to have cancer. This would include current patients.The study covered the period________(6)1971 to 2001.The researchers found there are three__________(7)as many cancer survivors today as there were thirty years ago.In 1971, the United States had about three million cancer__________(8).Today there are about ten million.The study also found that 64% of adults with cancer can expect to still be_______ (9)in five years,Thirty years ago,the five-year survival rate was 50%.The government wants to________(10)the five-year survival rate to 70% by 2010.The risk of cancer increases with age.The report says the majority of survivors are 65years and ________(11).But it says medical improvements have also helped children with cancer live ________(12)longer.Researchers say 80% of children with cancer will survive at least five years after the discovery.About 75% will survive at________(13)ten years.In the 1970s,the five-year survival rate for children was about 50%.In the 1960s,most children did not survive cancer. Researchers say they ________(14)moreimprovements in cancer treatment in the future.In fact,they say traditional cancer-prevention programs are not enough anymore.They say public health programs should also aim to support the_______(15)numbers of cancer survivors and their families._________(3) A:chances B:results C:orders D:rates

共用题干Rise in Number of Cancer SurvivorsCancer is the second leading cause of death in the United States,after heart disease. In the__________(1),it was often considered a death sentence.But many patients now live longer_________(2)of improvements in discovery and treatment.Researchers say death_________(3)in the United States from all cancers combined have fallen for thirty years.Survival rates have increased for most of the top fifteen cancers in both men and women,and for cancers in_________(4).The National Cancer Institute and the Centers for Disease Control and Prevention studied the number of cancer survivors.A cancer survivor is defined________(5) anyone who has been found to have cancer. This would include current patients.The study covered the period________(6)1971 to 2001.The researchers found there are three__________(7)as many cancer survivors today as there were thirty years ago.In 1971, the United States had about three million cancer__________(8).Today there are about ten million.The study also found that 64% of adults with cancer can expect to still be_______ (9)in five years,Thirty years ago,the five-year survival rate was 50%.The government wants to________(10)the five-year survival rate to 70% by 2010.The risk of cancer increases with age.The report says the majority of survivors are 65years and ________(11).But it says medical improvements have also helped children with cancer live ________(12)longer.Researchers say 80% of children with cancer will survive at least five years after the discovery.About 75% will survive at________(13)ten years.In the 1970s,the five-year survival rate for children was about 50%.In the 1960s,most children did not survive cancer. Researchers say they ________(14)moreimprovements in cancer treatment in the future.In fact,they say traditional cancer-prevention programs are not enough anymore.They say public health programs should also aim to support the_______(15)numbers of cancer survivors and their families._________(15) A:small B:growing C:fixed D:mixed

Income Income may be national income and personal income. Whereas national income is defined as the total earned income of all the factors of production-namely, profits, interest, rent, wages, and other compensation for labor, personal income may be defined as total money income received by individuals before personal taxes are paid. National income does not equal GNP (Gross National Product) because the factors of production do not receive payment for either capital consumption allowances or indirect business taxes, both of which are included in GNP. The money put aside for capital consumption is for replacement and thus is not counted as income. Indirect taxes include sales taxes, property taxes , and excise taxes that are paid by businesses directly to the government and so reduce the income left to pay for the factors of production. Three-fourths of national income goes for wages, salaries, and other forms of compensation to employees. Whereas national income shows the income that the factors of production earn, personal income measures the income that individuals or households receive. Corporation profits are included in national income because they are earned. Out of these profits, however, corporation profit taxes must be paid to the government, and some money must be put into the business for expansion. Only that part of profits distributed as dividends goes to the individual; therefore, out of corporation profits only dividends count as personal income. The factors of production earn money for social security and unemployment insurance contributions, but this money goes to government (which is not a factor of production), not to individuals. It is therefore part of national income but not part of personal income. On the other hand, money received by individuals when they collect social security or unemployment compensation is not money earned but money received. Interest received on government bonds is also in this category, because much of the money received from the sale of bonds went to pay for war production and that production no longer furnishes a service to the economy. The money people receive as personal income may be either spent or saved. However, not all spending is completely voluntary. A significant portion of our income goes to pay personal taxes. Most workers never receive the money they pay in personal taxes, because it is withheld from their paychecks. The money that individuals are left with after they have met their tax obligations is disposable personal income. Disposable income can be divided between personal consumption expenditures and personal savings. It is important to remember that personal saving is what is left after spending.It can be easily seen from this passage that the government levies tax on()A、corporation profitsB、every individual even though his income is very lowC、those who work in joint venturesD、those who work in government departments

单选题Income Income may be national income and personal income. Whereas national income is defined as the total earned income of all the factors of production-namely, profits, interest, rent, wages, and other compensation for labor, personal income may be defined as total money income received by individuals before personal taxes are paid. National income does not equal GNP (Gross National Product) because the factors of production do not receive payment for either capital consumption allowances or indirect business taxes, both of which are included in GNP. The money put aside for capital consumption is for replacement and thus is not counted as income. Indirect taxes include sales taxes, property taxes , and excise taxes that are paid by businesses directly to the government and so reduce the income left to pay for the factors of production. Three-fourths of national income goes for wages, salaries, and other forms of compensation to employees. Whereas national income shows the income that the factors of production earn, personal income measures the income that individuals or households receive. Corporation profits are included in national income because they are earned. Out of these profits, however, corporation profit taxes must be paid to the government, and some money must be put into the business for expansion. Only that part of profits distributed as dividends goes to the individual; therefore, out of corporation profits only dividends count as personal income. The factors of production earn money for social security and unemployment insurance contributions, but this money goes to government (which is not a factor of production), not to individuals. It is therefore part of national income but not part of personal income. On the other hand, money received by individuals when they collect social security or unemployment compensation is not money earned but money received. Interest received on government bonds is also in this category, because much of the money received from the sale of bonds went to pay for war production and that production no longer furnishes a service to the economy. The money people receive as personal income may be either spent or saved. However, not all spending is completely voluntary. A significant portion of our income goes to pay personal taxes. Most workers never receive the money they pay in personal taxes, because it is withheld from their paychecks. The money that individuals are left with after they have met their tax obligations is disposable personal income. Disposable income can be divided between personal consumption expenditures and personal savings. It is important to remember that personal saving is what is left after spending.According to this passage, the money you get as interest from government bonds is()Athe money earnedBthe money not earned but receivedCthe money received for the contribution you have made to the economyDthe money earned for the service you have furnished to the economy

单选题Mortgage and other financing income decreased $8.8 million to $18.8 for the year ended December 31, 2006.The income in 2006 was reducedAto $ 8.8 million.Bto $18.8 million.Cfrom $18.8 million to $8.8 million.