Answer:
Explanation:
S/No Date Transaction Dr($) Cr($)
1 Oct.1 Rent Expense 3,600
Cash 3,600
2. Oct.3 Advert. Expenses 1,200
Cash 1,200
3. Oct.5 Supplies 750
Cash 750
4 Oct.6 Office equipment 8000
Accounts Payable 8,000
5 Oct.10 Cash 1 4,800
Accounts receivable 14,800
6 Oct.15 Accounts payable 7,110
Cash 7,110
7. Oct.27 Miscellaneous 400
Cash 400
8 Oct.30 Utilities Expenses 250
Cash 250
9 Oct 31 Accounts receivable 33,100
Fees earned 33,100
10 Oct.31 Utility Expense 1,050
Cash 1050
11 Oct.31 Drawings 2,500
Cash 2,500
For each of the following cases determine the ending balance in the inventory account. (Hint: First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) a. Jill’s Dress Shop had a beginning balance in its inventory account of $40,000. During the accounting period, Jill’s purchased $75,000 of inventory, returned $5,000 of inventory, and obtained $750 of purchases discounts. Jill’s incurred $1,000 of transportation-in cost and $600 of transportation-out cost. Salaries of sales personnel amounted to $31,000. Administrative expenses amounted to $35,600. Cost of goods sold amounted to $82,300. b. Ken’s Bait Shop had a beginning balance in its inventory account of $8,000. During the accounting period, Ken’s purchased $36,900 of inventory, obtained $1,200 of purchases allowances, and received $360 of purchases discounts. Sales discounts amounted to $640. Ken’s incurred $900 of transportation-in cost and $260 of transportation-out cost. Selling and administrative cost amounted to $12,300. Cost of goods sold amounted to $33,900.
Answer:
Jill's Dress Shop:
Ending Inventory 27,950
Ken's Bait Shop:
Ending Inventory 10,340
Explanation:
Jill's Dress Shop:
Beginning 40,000
Purchases 75,000
Returned (5,000)
Discounts (750)
Freight-In 1,000
Cost of Goods Sold (82,300)
Ending Inventory 27,950
Ken's Bait Shop
Beginning 8,000
Purchases 36,900
Allowances (1,200)
Discounts (360)
Freight-In 900
Cost of Goods Sold (33,900)
Ending Inventory 10,340
The freight-out and sales discount have an impact in net sales and selling expenses they do not constitute part of the inventory as are relatedto the sale of the goods rather than acquisition.
Answer:
Determination of Ending Inventory:a) Beginning Inventory = $40,000
Purchases = $75,000
Purchases Return = ($5,000)
Purchases Discounts = ($750)
Freight-in = $1,000
Cost of Goods Available$110,250
less cost of goods sold ($82,300)
Ending Inventory $27,950
b) Beginning Inventory = $8,000
Purchases = $36,900
Purchases Return = ($1,200)
Purchases Discounts = ($360)
Freight-in = $900
Cost of Goods Available $44,240
less cost of goods sold ($33,900)
Ending Inventory $10,340
Explanation:
a) Ending inventory represents the value of goods available for sale and held by a company at the end of an accounting period. It is calculated as follows: Beginning Inventory + Net Purchases - Cost of Goods Sold (or COGS) = Ending Inventory. The value of goods available for sale at the end of the accounting period is important in reporting the financial status of any trading or producing company.
b) The cost of goods available for sale includes the beginning inventory, the net purchases of inventory, and the freight-in during the period.
Chen Inc.'s cash balance in the accounting records, before receiving the bank statement, at June 30th was $16,170. During June the company recorded $10,000 of deposits but the bank only showed $7,900 on the June statement. Some of the company's deposits were made on the last day of the month. The company's records also showed that the company wrote checks totalling $3,600 that had not yet cleared the bank. The June 30th bank statement showed a balance of $16,750. The company was surprised to see that the bank statement showed the following items that the company was not aware of until the bank statement arrived: NSF check for $935, bank fee of $10, and interest income totalling $25. What is the total amount of cash that should be reported on Chen Inc.'s balance sheet at June 30th?
a. $15,250
b. $17,120
c. $14,670
d. $17,850
Answer:
The total amount of cash that should be reported on Chen Inc., balance sheet at June 30th is $15,250
The answer is option A.
Explanation:
The total amount of cash that should be reported on Chen Inc., balance sheet at June 30th is as follows:
$ $
Balance as per bank statement at June 30 16,750
Add: Deposit in transit ($10,000 - $7,900) 2,100
Less:
Outstanding Checks 3,600
Adjusted Cash Balance $ 15,250
Balance as per accounting records at June 30 16,170
Add: Interest Income 25
Less:
NSF Checks 935
Bank Fees 10 945
Adjusted Cash Balance $ 15,250
Other things equal, the multiplier will be greater
Answer:
The larger
Explanation:
marginal propensity to consume. New loans decrease the money supply in an economy.
The two independent cases are listed below: Case A Case B Year 2 Year 1 Year 2 Year 1 Sales Revenue $11,000 $9,000 $21,000 $18,000 Cost of Goods Sold 6,000 5,500 12,000 11,000 Gross Profit 5,000 3,500 9,000 7,000 Depreciation Expense 1,000 1,000 1,500 1,500 Salaries and Wages Expense 2,500 2,000 5,000 5,000 Net Income 1,500 500 2,500 500 Accounts Receivable 300 400 750 600 Inventory 750 500 730 800 Accounts Payable 800 700 800 850 Salaries and Wages Payable 1,000 1,200 200 250 Show the operating activities section of the statement of cash flows for year 2 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
Answer:
Net cash from operating activities are $2,250 for Case A and $3,820 for Case B.
Explanation:
The indirect method of presenting the cash flow statement is a method that starts with net income or loss, and then with additions to or subtractions from of revenue and expense items that are non cash to obtain cash flow from operating activities.
For this question, this can be presented as follows:
Details Case A ($) Case B ($)
Net Income 1,500 2,500
Adjustments:
Depreciation Expense 1,000 1,500
Changes in Operating assets & liab.:
(Increase) Decrease in Acct receivables 100 –150
Decrease (Increase) in Inventory –250 70
Increase (Decrease) in Accounts payable 100 –50
Increase (Decrease) in Sal. & Wag. Paybl. –200 –50
Net cash from operating activities 2,250 3,820
The Net cash-flow from the operating activities for Case A is $2,250.
The Net cash-flow from the operating activities for Case B is $3,820.
Here, we are preparing the "Year 2" operating activities section of the cash flows statement using the indirect method
Statememt of Cash flow (Operating activities)
Case A Case B
Particulars Amount Amount
Net Income $1,500 $2,500
Adjustments for Case A & B
Depreciation Expense $1,000 $1,500
Changes in operating assets
& liabilities of Case A & B
(Increase) / Decrease in Account receivables $100 -$150
Decrease / (Increase) in Inventory -$250 $70
Increase / (Decrease) in Accounts payable $100 -$50
Increase / (Decrease) in Sal. & Wage Payable $200 -$50
Net cash from operating activities $2,250 $3,820
See similar solution here
brainly.com/question/18454410
Goodwill should:________.
a. be written off as soon as possible against retained earnings.
b. absent impairment, not be written off because it has an indefinite life.
c. written off as soon as possible as an expense.
d. amortized over a maximum of forty years.
Answer:
d.amortized over a maximum of forty years
Assume you can buy 52 British pounds with 100 Canadian dollars. How much profit can you earn on a triangle arbitrage given the following rates if you start out with 100 U.S. dollars?
Answer:
$374.46
Explanation:
Incomplete question. However, I inferred the rates where; CAD/USD=1.35, EUR/USD=1.8305. Thus, using this formular we calculate the profit to be made
=$100 ×(C$1.35 ÷$1) ×(£100 ÷C$52) ×($1.8305 ÷$1)] - $100 = $374.46
Rosewood Company made a loan of $16,000 to one of the company's employees on April 1, 2020. The one-year note carried a 6% rate of interest. Principal and interest will be paid at the end of the term of the loan. The amount of interest revenue that Rosewood would report in 2020 and 2021, would be?
Answer:
loan interest revenue for 2020 is $720
loan interest revenue for 2021 is $240
Explanation:
The loan interest revenue in the year 2020 is for 9 months out of the total loan tenure of twelve months:
interest revenue for 2020=$16,000*6%*9/12=$720.00
This would be debited to interest receivable and credited to interest revenue account.
interest revenue for 2021=$16,000*6%*3/12=$240.00
Answer:
The answer is $720 and $240
Explanation:
Solution
Recall that:
Rosewood company made a loan of =$16,000
One year note carried an interest of =6%
Now,
We solve for the amount of interest revenue that rosewood would report
Report is given below:
$16,000 * 6% * 9/12 = $720 Interest revenue in April to December, 2020
$16,000 * 6% * 3/12 = $240 interest revenue in January - March, 2021
Therefore the interest revenue for Rosewood report/feedback in 2020 and 2021 is $720 and $240 respectively.
Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y7:
Cash $92,000
Retained Earnings $381,000
Accounts Receivable 450,000
Dividends 300,000
Inventory 370,000
Sales 8,925,000
Estimated Returns Inventory 5,000
Cost of Goods Sold 5,620,000
Office Supplies 10,000
Sales Salaries Expense 850,000
Prepaid Insurance 12,000
Advertising Expense 420,000
Office Equipment 220,000
Depreciation Expense—Store Equipment 33,000
Accumulated Depreciation—Office Equipment 58,000
Miscellaneous Selling Expense 18,000
Store Equipment 650,000
Office Salaries Expense 540,000
Accumulated Depreciation—Store Equipment 87,500
Rent Expense 48,000
Accounts Payable 38,500
Insurance Expense 24,000
Customers Refunds Payable 10,000
Depreciation Expense—Office Equipment 10,000
Salaries Payable 4,000
Office Supplies Expense 4,000
Note Payable (final payment due 2034) 140,000
Miscellaneous Administrative Exp. 6,000
Common Stock 50,000
Interest Expense 12,000
Required:
a. Prepare a multiple-step income statement.
b. Prepare a retained earnings statement.
Answer:
Net Profit 1345,000
Retained Earnings $ 1426,000
Explanation:
The multi step income statement shows the sections of the income statement separately such as the operating expenses and non operating expenses .
Kanpur Co.
Multi step Income Statement
For year ended June 30, 20Y7:
Sales 8,925,000
Cost of Goods Sold 5,620,000
Estimated Returns Inventory (5,000)
Adjusted Cost OF Goods Sold 5,615,000
Gross Profit $ 3310,000
Less Operating Expenses
Rent Expense 48,000
Selling And Administrative Expenses
Office Supplies Expense 4,000
Sales Salaries Expense 850,000
Miscellaneous Selling Expense 18,000
Depreciation Expense—Store Equipment 33,000
Office Salaries Expense 540,000
Depreciation Expense—Office Equipment 10,000
Advertising Expense 420,000
Miscellaneous Administrative Exp. 6,000
Total Operating Expenses 1881,000
Operating Income 1381,000
Other Expense
Insurance Expense 24,000
Interest Expense 12,000
Total Non Operating Expenses 36,000
Net Profit 1345,000
Kanpur Co.
Statement of Retained Earnings
For year ended June 30, 20Y7:
Retained Earnings $381,000
Add Net Profits 1345,000
Less Dividends 300,000
Retained Earnings For year ended June 30, 20Y7 $ 1426,000
The following data apply to Elizabeth's Electrical Equipment: Value of operations $20,000 Short-term investments $1,000 Debt $6,000 Number of shares 300 The company plans on distributing $1,000 by repurchasing stock. What will the intrinsic per share stock price be immediately after the repurchase? Notes: With some combinations of variables, the residual policy may result in zero dividends and a zero payout ratio. These outcomes are noted in the topic [TOP] field if applicable.
Answer:
$50
Explanation:
Elizabeth's Electrical Equipment
Total Assets will be :
Value of operations of 20,000+ Short term investments of 1000
=$21,000
Debt = $6000
Hence:
Equity will be :
Assets - Debt
= $21,000-$6,000
Which will give us = $15,000
Number of shares which are outstanding
= 300
$15,000/300
=$50
Therefore the Intrinsic value per share will be $50 immediately after the repurchase has occured.
Find online the annual 10-K report for Costco Wholesale Corporation (COST) for fiscal year 2015 (filed in October 2015). Answer the following questions from the income statement:
1. What were Costco's revenues for fiscal year 2015?
2. By what percentage did revenues grow from the prior year?
3. What was Costco's operating income for the fiscal year?
4. What was Costco's average tax rate for the year?
5. What were Costco's diluted earnings per share in fiscal year 2015?
6. What number of shares is this EPS based on?
7. What were Costco's revenues for fiscal year 2015?
Costco's revenues for fiscal year 2015 was_______ million. (Round to the nearest million.)
8. By what percentage did revenues grow from the prior year?
The percentage the revenues grew from the prior year is______ %. (Round to two decimal places.)
9. What was Costco's operating income for the fiscal year?
Costco's operating income for 2015 was________ million. (Round to the nearest million.)
10. What was Costco's average tax rate for the year?
Answer:
Costco's fiscal year ends in August, not October.
1. What were Costco's revenues for fiscal year 2015?
$113,666 million2. By what percentage did revenues grow from the prior year?
(2015 revenue - 2014 revenue) / 2014 revenue = ($133,666 - $110,212) / $110,212 = 21.28%3. What was Costco's operating income for the fiscal year?
$3,624 million4. What was Costco's average tax rate for the year?
total income taxes / income before income taxes = $1,195 / $3,604 = 33.16%5. What were Costco's diluted earnings per share in fiscal year 2015?
$5.376. What number of shares is this EPS based on?
442,716 shares7. What were Costco's revenues for fiscal year 2015?
Costco's revenues for fiscal year 2015 was $113,666 million. (Round to the nearest million.)8. By what percentage did revenues grow from the prior year?
The percentage the revenues grew from the prior year is 21.28%. (Round to two decimal places.)
9. What was Costco's operating income for the fiscal year?
Costco's operating income for 2015 was $3,624 million. (Round to the nearest million.)
10. What was Costco's average tax rate for the year? 33.16%
Explanation:
On the SEC's website you can find information about all publicly traded corporations, including financial statements and other relevant information.
Answer:
I need 1 Brainliest before I can become expert
Explanation:
Which of the following statements is true? In market equilibrium:
a. There are uncomsummated wealth destroying transactions
b. There are unconsummated value creating transactions
c. None of these
d. There are no unconsummated wealth creating transactins
Answer: d. There are no unconsummated wealth creating transactions
Explanation:
In an equilibrium, a price has been reached that everyone is satisfied with. This is why there are no unconsummated wealth creating transactions.
The market has managed to bring together people who are want a certain good more than they will pay for it and sellers who value the good less than they will receive for it. The Equilibrium therefore sets a price that is fair on both these people which will mean that they will not be able to unfairly trade with one another. The person who values the good more than they can pay will be able to pay the person who values the goods less than they will receive. Equilibrium has brought them to a middle ground.
Jones, CPA, is auditing the financial statements of XYZ Retailing, Inc. What assurance does Jones provide that direct effect noncompliance that is material to XYZ’s financial statements and noncompliance that has a material but indirect effect on the financial statements will be detected?
A. Direct effect noncompliance: Reasonable; indirect effect noncompliance: none.
B. Direct effect noncompliance: Reasonable; indirect effect noncompliance: reasonable.
C. Direct effect noncompliance: Limited; indirect effect noncompliance: none.
D. Direct effect noncompliance: Limited; indirect effect noncompliance: reasonable.
Answer:
Direct effect noncompliance: Reasonable; indirect effect noncompliance: none.
Explanation:
Direct-effect noncompliance is a noncompiance that has a direct and material effects on financial statement amounts. Examples of direct-effect noncompliance include the violations of tax laws.
Indirect-effect noncompliance is a violation of laws that do not have direct relationships with the financial statements. Example of indirect-effect noncompliance include violations that have to do with environmental protection, occupational health and safety, etc.
Reasonable assurance can be described as a high level of assurance that is not an absolute one but it is however related to material misstatements.
Therefore, an assurance that Jones provide that direct effect noncompliance that is material to XYZ’s financial statements and noncompliance that has a material but indirect effect on the financial statements will be detected is direct effect noncompliance: Reasonable; indirect effect noncompliance: none.
A lockbox plan is most beneficial to firms that a. receive payments in the form of currency, such as fast food restaurants, rather than in the form of checks. b. have widely dispersed manufacturing facilities. c. have suppliers who operate in many different parts of the country. d. have a large marketable securities portfolio and cash to protect. e. have customers who operate in many different parts of the country.
Answer:
E. Have customers who operate in many different parts of the country.
Explanation:
Details about a lockbox plan and services explains that this is a banking service to companies by a certain bank or banks that proceeds and receives receipts of payments from its customers where they are directly channeled to a plan inwhich they work with the bank on behalf of the company instead of contacting the said company as the bank helps or fastens the receipt processing and. The lockbox is virtually known to be advantageous to customers who operate in many different parts of the country.
It is generally known to assist companies with a very efficient way of depositing customer payments, this is for companies that find it a bit hard to check and respond to mails.
Journalize the following transactions that occurred in March2018for DubleCompany. Assume Dubleuses the periodic inventory system. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Mar. 3 Purchased merchandise inventory on account from Silton Wholesalers, $3,000. Tems 3'1, niEOM, FOB shipping point. 4 Paid freight bill of S70 on March 3 purchase. 5 Purchase merchandise inventory for cash of $2,000. 6 Retumed S700 of inventory from March 3 purchase. 8 Sold merchandise inventory to Herrick Company, $3,400, on account. Terms 2/15, n/35 9 Purchased merchandise inventory on account from Teaton Wholesalers, $5,500. Terms 1/10, n/30, FOB destination. 10 Made payment to Silton Wholesalers for goods purchased on March 3, less return and discount. 12 Received payment from Herrick Company, less discount. 13 After negotiations, received a $300 allowance from Teaton Wholesalers. 15 Sold merchandise inventory to Jeter Company, $2,300, on account. Terms 2/10, nEOM. 22 Made payment, less allowance, to Teaton Wholesalers for goods purchased on March 9 9 10 12 13 15 23 Jeter Company retumed $600 of the merchandise sold on March 15. 25 Sold merchandise inventory to Smede for $1,400 on account. Terms of 2/10, n/30 were offered, FOB shipping point. 26 After negotiations, granted a $300 allowance to Smede for merchandise purchased on March 25. 29 Received payment from Smede, less allowance and discount. 30 Received payment from Jeter Company, less return. 26 29 30
Answer:
Mar. 3 Purchased merchandise inventory on account from Silton Wholesalers, $3,000. Tems 3'1, niEOM, FOB shipping point.
Dr Purchases 3,000
Cr Accounts payable - Silton Wholesalers 3,000
4 Paid freight bill of S70 on March 3 purchase.
Dr Freight in expenses 70
Cr Cash 70
5 Purchase merchandise inventory for cash of $2,000.
Dr Purchases 2,000
Cr Cash 2,000
6 Returned S700 of inventory from March 3 purchase.
Dr Accounts payable - Silton Wholesalers 700
Cr Purchases returns and allowances 700
8 Sold merchandise inventory to Herrick Company, $3,400, on account. Terms 2/15, n/35
Dr Accounts receivable - Herrick Company 3,400
Cr Sales 3,400
9 Purchased merchandise inventory on account from Teaton Wholesalers, $5,500. Terms 1/10, n/30, FOB destination.
Dr Purchases 5,500
Cr Accounts payable - Teaton Wholesalers 5,500
10 Made payment to Silton Wholesalers for goods purchased on March 3, less return and discount.
Dr Accounts payable - Silton Wholesalers
Cr Cash 2,231
Cr Purchase discounts 69
12 Received payment from Herrick Company, less discount.
Dr Cash 3,332
Dr Sales discounts 68
Cr Accounts receivable - Herrick Company 3,400
13 After negotiations, received a $300 allowance from Teaton Wholesalers.
Dr Accounts payable - Teaton Wholesalers 300
Cr Purchases returns and allowances 300
15 Sold merchandise inventory to Jeter Company, $2,300, on account. Terms 2/10, nEOM.
Dr Accounts receivable - Jeter Company 2,300
Cr Sales 2,300
22 Made payment, less allowance, to Teaton Wholesalers for goods purchased on March 9
Dr Accounts payable - Teaton Wholesalers 5,200
Cr Cash 5,200
23 Jeter Company returned $600 of the merchandise sold on March 15.
Dr Sales returns and allowances 600
Cr Accounts receivable - Jeter Company 600
25 Sold merchandise inventory to Smede for $1,400 on account. Terms of 2/10, n/30 were offered, FOB shipping point.
Dr Accounts receivable - Smede 1,400
Cr sales 1,400
26 After negotiations, granted a $300 allowance to Smede for merchandise purchased on March 25.
Dr Sales returns and allowances 300
Cr Accounts receivable - Smede 300
29 Received payment from Smede, less allowance and discount.
Dr Cash 1,078
Dr Sales discounts 22
Cr Accounts receivable - Smede 1,100
30 Received payment from Jeter Company, less return.
Dr Cash 1,700
Cr Accounts receivable - Jeter Company 1,700
The Sunland Acres Inn is trying to determine its break-even point during its off-peak season. The inn has 50 rooms that it rents at $80 a night. Operating costs are as follows:
Salaries $5,400 per month
Utilities $1,200 per month
Depreciation $1,100 per month
Maintenance $2,140 per month
Maid service $19 per room
Other costs $37 per room
Required:
a. Determine the inn's break-even point in number of rented rooms per month.
b. Determine the inn's break-even point in dollars.
Answer:
Instructions are below.
Explanation:
Giving the following information:
The inn has 50 rooms that it rents at $80 a night.
Operating costs are as follows:
Salaries $5,400 per month
Utilities $1,200 per month
Depreciation $1,100 per month
Maintenance $2,140 per month
Maid service $19 per room
Other costs $37 per room
We won't take into account the depreciation expense because it is not a cash disbursement.
To calculate the break-even point in units, we need to use the following formula:
Break-even point in units= fixed costs/ contribution margin per unit
Fixed costs= 5,400 + 1,200 + 2,140= $8,740
Variable cost= 19 + 37= $56
Break-even point in units= 8,740 / (80 - 56)
Break-even point in units= 364 rented rooms
To calculate the break-even point in dollars, we need to use the following formula:
Break-even point (dollars)= fixed costs/ contribution margin ratio
Break-even point (dollars)= 8,740 / (24/80)
Break-even point (dollars)= $29,133
Presented below is information related to Waterway Inc.’s inventory, assuming Waterway uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost $262.20 $146.28 $73.14 Selling price 292.56 200.10 101.78 Cost to distribute 26.22 11.04 3.45 Current replacement cost 280.14 144.90 70.38 Normal profit margin 44.16 40.02 29.33 Determine the following: (a) The two limits to market value (i.e., the ceiling and the floor) that should be used in the lower-of-cost-or-market computation for skis. (Round answers to 2 decimal places, e.g. 52.75.)Ceiling Limit
Floor Limit
(b) the cost amount that should be used in the lower-of-cost-or-market comparison of boots.
The cost amount
Answer:
A. Skis
Ceiling $266.34
Floor $222.18
B.Cost Amount $146.28
C.The market amount $70.38
Explanation:
A. Computation of Waterway Inc two limits to market value that should be used in the lower-of-cost-or-market computation for skis
A. Skis
Ceiling
Selling price 292.56
less:cost to distribute -26.22
Ceiling 266.34
Floor
NRV 266.34
less:normal profit margin -44.16
Floor 222.18
B. Computation of the cost amount that should be used in the lower-of-cost-or-market comparison of boots.
Boots
Ceiling
Selling price 200.10
less:cost to distribute -11.04
Ceiling 189.06
Floor
NRV 189.06
less:normal profit margin -40.02
Floor 149.04
Cost Replacement ceiling Floor MV LCM
146.28 144.90 189.06 149.04 149.04 146.28
Therefore the cost amount that should be used in the lower-of-cost-or-market comparison of boots will be 146.28
C.Calucation for the market amount that should be used to value parkas on the basis of the lower-of-cost-or-market.
Parkas
Ceiling
Selling price 101.78
less:cost to distribute -3.45
Ceiling 98.33
Floor
NRV 98.33
less:normal profit margin -29.33
Floor 69
Cost Replacement ceiling Floor MV LCM
73.14 70.38 99.33 69 70.38 70.38
The market amount $70.38
As sales manager, Joe Batista was given the following static budget report for selling expenses in the Clothing Department of Soria Company for the month of October.
SORIA COMPANY
Budget Report
For the Month Ended October 31, 2017
Budget Actual Difference
Favorable
Unfavorable
Neither Favorable nor Unfavorable
Sales in units 7,800 10,000 2,200 Favorable
Variable expenses
Sales commissions $1,872 $2,400 $528 Unfavorable
Advertising expenses 936 900 36 Favorable
Travel expense 3,120 4,000 880 Unfavorable
Free samples given out 1,794 1,300 494 Favorable
Total variable 7,722 8,600 878 Unfavorable
Fixed expenses
Rent 1,700 1,700 -0- Neither Favorable nor Unfavorable
Sales salaries 1,100 1,100 -0- Neither Favorable nor Unfavorable
Office salaries 800 800 -0- Neither Favorable nor Unfavorable
Depreciation-autos (sales staff) 400 400 -0- Neither Favorable nor Unfavorable
Total Fixed 4,000 4,000 -0- Neither Favorable nor Unfavorable
Total expenses $11,722 $12,600 $876 Unfavorable
As a result of this budget report, Joe was called into the president's office and congratulated on his fine sales performance. He was reprimanded, however, for allowing his costs to get out of control. Joe knew something was wrong with the performance report that he had been given. However, he was not sure what to do, and comes to you for advice.
Prepare a budget report based on flexible budget data to help Joe. (List variable costs before fixed costs. Do not leave any answer field blank. Enter 0 for amounts.)
SORIA COMPANY
Selling Expense
Flexible Budget Report
Clothing Department
For the Month Ended October 31, 2017
Difference
Favorable /Unfavorable /Neither Favorable nor Unfavorable
Budget Actual
Answer:
The flexible budget report shows that variable costs were $1,300 below budget.
Explanation:
SORIA COMPANY
Selling Expense Flexible Budget Report
Clothing Department
For the Month Ended October 31, 2017
Budget Actual Difference
Fav /Unfav /Neither
Fav nor Unfav
Sales in units 10,000 10,000 -0- Neither Fav nor Unfav
Variable Expenses
Sales in Commission
(0.24) 2400 2400 -0- Neither Fav nor Unfav
Advertising Expenses
936/7800* 10,000 1200 900 300 Fav
Travel Expense
3120/7800 *10,000 4000 4000 -0- Neither Fav nor Unfav
Free Samples Given Out
1794/7800 *10,000 2300 1300 1000 Fav
Total Variable
Expenses (0.99) 9,900 8,600 1300 Fav
Fixed Expenses
Rent 1700 1,700 -0- Neither Fav nor Unfav
Sales salaries 1,100 1,100 -0- Neither Fav nor Unfav
Office salaries 800 800 -0- Neither Fav nor Unfav
Depreciation-autos (sales staff)
400 400 -0- Neither Fav nor Unfav
Total Fixed 4,000 4,000 -0- Neither Fav nor Unfav
Total Expenses 13900 12600 1300 Favorable
From the above flexible budget report, variable costs were $1,300 below budget.
The flexible budget report shows that the variable costs is $1,300 below the budget.
SORIA COMPANY
Selling Expense Flexible Budget Report
For the Month Ended October 31, 2017
Particulars Budget Actual Difference (F/U)
Sales in units 10,000 10,000 -
Variable Expenses
Sales in Commission 2,400 2,400 -
(0.24*10,000)
Advertising Expenses 1,200 900 300 F
(936/7800*10,000)
Travel Expense 4,000 4,000 -
(936/7800*10,000)
Free Samples given out 2,300 1,300 1,000 F
(1794/7800 *10,000)
Total Variable Cost 9,900 8,600 1,300 Fav
Fixed Expenses
Rent 1,700 1,700 -
Sales salaries 1,100 1,100 -
Office salaries 800 800 -
Depreciation - autos 400 400 -
Total Fixed Cost 4,000 4,000 -
Total Expenses 13,900 12,600 1,300 Fav
In conclusion, the flexible budget report shows that the variable costs is $1,300 below the budget.
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Mindy, a manager at Savannah Grasse, observes that Mark is a slow learner and has not been able to grasp the nuances of his job responsibilities. She sees potential in Mark and decides to coach him. In this scenario, what role of a coach will Mindy be performing
Answer: Modelling
Explanation: By deciding to coach Mark, working one-on-one with him and teaching him the necessary skills required to perform his job well, Mindy is serving in the capacity of a role model to Mark. It has been known that modelling is often an effective way of coaching or teaching and reflection afterwards. It is much more than just showing as it allows for observation, collaboration and support.
Prepare journal entries to record the following transactions entered into by the Merando Company: 2016 June 1 Received a $10,000, 6%, 1-year note from Dan Gore as full payment on his account. Nov. 1 Sold merchandise on account to Barlow, Inc., for $14,000, terms 2/10, n/30. Nov. 5Barlow, Inc., returned merchandise worth $1,000. Nov. 9 Received payment in full from Barlow, Inc. Dec.31 Accrued interest on Gore's note. 2017 June 1 Dan Gore honored his promissory note by sending the face amount plus interest.Date Account Title and Explanation Debit Credit
Answer and Explanation:
The Journal entries are prepared below:-
1. Notes Receivable Dr $10,000
To dan Gore $10,000
(Being notes receivable is recorded)
2. Barlow Dr $14,000
To Inventories $14,000
(Being inventory is recorded)
3. Inventories Dr, $1,000
To Barlow $1,000
(Being inventory is recorded)
4. Cash Dr, $12,740 ($13,000 × 98%)
Discount Dr, 260
To Barlow $13,000
(Being cash received is recorded)
5. Interest receivable Dr, $350 ($10,000 × 6% × 7 ÷ 12)
To Interest revenue $350
(Being interest revenue is recorded)
6. Cash Dr, $10,600
To Interest receivable $350
To Interest revenue $250 ($10,000 × 6% × 5 ÷ 12)
To Notes receivable $10,000
(Being cash received is recorded)
A Deloitte employment survey asked a sample of human resource executives how their company planned to change its workforce over the next months. A categorical response variable showed three options: The company plans to hire and add to the number of employees, the company plans no change in the number of employees, or the company plans to lay off and reduce the number of employees. Another categorical variable indicated if the company was private or public. Sample data for companies are summarized as follows. Company Employment Plan Private Public Add Employees 39 32 No Change 21 36 Lay Off Employees 12 44 a. Conduct a test of independence to determine if the employment plan for the next months is independent of the type of company. At a level of significance. Compute the value of the test statistic (to 2 decimals).
The missing figures in the question is shown in bold format.
Also the table is better constructed for clearer understanding when answering the question.
A Deloitte employment survey asked a sample of human resource executives how their company planned to change its workforce over the next 12 months. A categorical response variable showed three options: The company plans to hire and add to the number of employees, the company plans no change in the number of employees, or the company plans to lay off and reduce the number of employees. Another categorical variable indicated if the company was private or public. Sample data for 180 companies are summarized as follows.
Company
Employment Plan Private Public
Add Employees 39 32
No Change 21 36
Lay Off Employees 12 44
a. Conduct a test of independence to determine if the employment plan for the next 12 months is independent of the type of company. At a level of 0.05 significance. Compute the value of the test statistic (to 2 decimals).
Answer:
Explanation:
From the table in the question; we can see the changes in employees adding, shedding, or not changing their staffing.
Company
Plan Private Public
Add 39 32
Number Change 21 36
Lay Off 12 44
The hypothesis are:
[tex]\mathbf{ H_o : Column \ independent \ of \ row}\\ \\ \mathbf{ H_a : Column \ is \ dependent \ of \ row}[/tex]
Using the following relation of variables given to determine expected frequencies ; we have :
[tex]\mathbf{e_f = \dfrac{(row _i)(column_j)}{Total \ sample}}[/tex]
From the above table ; the first row show the total entries of 72
The first column shows the total of 72
[tex]\mathbf{e_f = \dfrac{(39+32)(72)}{180}} \\ \\ \mathbf{e_f = 28.80}}[/tex]
The expected value for the first row, first column is 28.80
Repeating the same process for others;
For the first row ; second column we have :
[tex]\mathbf{e_f = \dfrac{(39+32)(112)}{180}} \\ \\ \mathbf{e_f = 44.80}}[/tex]
For the second row ; first column we have :
[tex]\mathbf{e_f = \dfrac{(21+36)(72)}{180}} \\ \\ \mathbf{e_f = 22.80}}[/tex]
For the second row ; second column we have :
[tex]\mathbf{e_f = \dfrac{(21+36)(112)}{180}} \\ \\ \mathbf{e_f = 35.47}}[/tex]
For the third row ; first column we have :
[tex]\mathbf{e_f = \dfrac{(12+44)(72)}{180}} \\ \\ \mathbf{e_f = 22.40}}[/tex]
For the third row ; second column we have :
[tex]\mathbf{e_f = \dfrac{(12+44)(112)}{180}} \\ \\ \mathbf{e_f = 34.84}}[/tex]
Company
Plan Private Public Total
Add 28.80 44.80 73.60
Number Change 22.80 35.47 58.27
Lay Off 22.40 34.84 57.24
Converting the table to chi- squared using the relation.
[tex]\mathbf{x^2 = \sum_i ( \dfrac{f_y-e_f}{e_f})^2}[/tex]
where;
[tex]f_y[/tex] = observed frequency from the original table
From the original above table ;
for the first row (1)
the observed frequency is = 39
the expected frequency is = 28.80
[tex]\mathbf{x^2 = \sum_i ( \dfrac{39-28.80}{28.80})^2} \\ \\ \mathbf{x^2 =3.6125}[/tex]
for the first row (2)
the observed frequency is = 32
the expected frequency is = 44.80
[tex]\mathbf{x^2 = \sum_i ( \dfrac{32-44.80}{44.80})^2} \\ \\ \mathbf{x^2 =3.6571}[/tex]
for the second row (1)
the observed frequency is = 21
the expected frequency is = 22.80
[tex]\mathbf{x^2 = \sum_i ( \dfrac{21-22.80}{22.80})^2} \\ \\ \mathbf{x^2 =0.1421}[/tex]
for the second row (2)
the observed frequency is = 36
the expected frequency is = 35.47
[tex]\mathbf{x^2 = \sum_i ( \dfrac{36-35.47}{35.47})^2} \\ \\ \mathbf{x^2 =0.0079}[/tex]
for the third row (1)
the observed frequency is = 12
the expected frequency is = 22.40
[tex]\mathbf{x^2 = \sum_i ( \dfrac{12-22.40}{22.40})^2} \\ \\ \mathbf{x^2 =4.8286}[/tex]
for the third row (2)
the observed frequency is = 44
the expected frequency is = 34.84
[tex]\mathbf{x^2 = \sum_i ( \dfrac{44-34.84}{34.84})^2} \\ \\ \mathbf{x^2 =2.4083}[/tex]
Company
Plan Private Public Total
Add 3.6125 3.6571 7.2696
Number Change 0.1421 0.0079 0.15
Lay Off 4.8286 2.4083 7.2369
Total [tex]x^2 =[/tex] 14.657
Hence, the total chi-square = 14.657;
To find the value for p; we need to determine the degree of freedom
df = (2-1)(3-1)
that result to a degree of freedom of 2
From the chi square chart at the chi-square is 14.657 and degree of freedom is 2 ; the p value is between 0.1 and 0.005. Since this makes p-value less than 0.05.
We rejected [tex]\mathbf{ H_o}[/tex]
Thus; the variables are dependent. We can conclude that the employment plan and the company are significantly related.
Ben has two options this weekend. He could work at his job and earn $8 per hour for three hours, or he could go to an exhibit at the art museum for that three hours. A ticket for the event costs $30. What is the opportunity cost of the event?
Answer:
Opportunity cost= -$54
Explanation:
Giving the following information:
He could work at his job and earn $8 per hour for three hours, or he could go to an exhibit at the art museum for those three hours. A ticket for the event costs $30.
The opportunity cost is the "cost" of not taking other alternatives.
Opportunity cost= total revenue - economic profit
Opportunity cost= -30 - 24= -$54
Bluebird Mfg. has received a special one-time order for 15,000 bird feeders at $3.50 per unit. Bluebird currently produces and sells 75,000 units at $7.50 each. This level represents 80% of its capacity. These bird feeders would be marketed under the wholesaler's name and would not affect Bluebird's sales through its normal channels. Production costs for these units are $4.25 per unit, which includes $2.50 variable cost and $1.75 fixed cost. If Bluebird accepts this additional business, the effect on net income will be:
Answer:
Effect on income= $15,000 increase
Explanation:
Giving the following information:
Offer= 15,000 bird feeders at $3.50 per unit.
Production costs:
$2.50 variable cost
Because it is a special offer that won't affect actual sales and there is unused capacity, we will not take into account the fixed costs.
Effect on income= 15,000*(3.5 - 2.5)
Effect on income= $15,000 increase
City Auto Parts recently traded in store fixtures. The exchange had commercial substance. The old fixtures had a cost of $48,000 and accumulated depreciation of $14,000. City paid $101,000 for the new store fixtures. These new fixtures had a market value of $117,000. There is a loss of $18,000 on this exchange.True or False
Answer:
The correct option is true
Explanation:
The book value of the old fixtures at the date of exchange which is the cost less accumulated depreciation till date is computed thus:
Book value of old fixtures=$48,000-$14,000=$34000
Expected cash payable by the company for the new fixtures is the market value of the new fixtures minus the carrying value of the old fixtures.
Expected cash=$117,000-$34,000=$83,000.00
Loss on the exchange =cash paid -expected cash payable=$101,000-$83,000=$18000
What are commercial bank?
Answer:
A commercial bank is a type of bankthat provides services such as accepting deposits, making business loans, and offering basic investment products that is operated as a business for profit.
To a greater or lesser degree, many governments can be considered pragmatic nationalists when it comes to foreign direct investment (FDI); this means it has both benefits and costs. FDI can benefit a host country by bringing capital, technology, and jobs, and it can also have a negative effect on a country's balance of payments. Accordingly, government policies are shaped by a consideration of these costs and benefits of FDI.
Home countries can adopt policies designed to both encourage and restrict FDI. Host countries try to attract FDI by offering incentives and try to restrict FDI by dictating ownership restraints and requiring that foreign multinational enterprises (MNE) meet specific performance requirements.
Roll over each item on the left to read its description. Determine whether the scenario represents a benefit or cost to the home or host country, and then drag it to the appropriate place on the chart.
HOST-COUNTRY BENEFIT HOST-COUNTRY COST
HOME-COUNTRY BENEFIT HOME-COUNTRY COST
-outflow of earnings from a foreign subsidiary
a- loss of jobs
b-inflows of foreign earnings
c-substitute for imports
d-loss of economic independence
e-increase in direct and indirect empolyment
f-skills that can be leveraged internationally
g-loss of local entreprenurship
h-Host country limits profit expatriation
i-transfer of new technology
Answer:
Home Country Benefit
b - inflows of foreign earnings.
The Company operating in the Host Country will send some of it's profits back to it's Home Country and this will be treated as Foreign Earnings.
f-skills that can be leveraged internationally.
The Home Country will gain skills from their experience in the Host Country. These skills can then be used to be competitive on the global market.
Home Country Cost
a- loss of jobs
The Home Country would lose the jobs that it's companies created in the Host Country. These are jobs that could have employed people in the Home Country but now employ people in the Host Country.
h-Host country limits profit expatriation
In order that they don't lose too much money to the Home Country, the Host Country might come up with laws that limit the amount of money that can be taken out from the country this limiting the amount of foreign Earnings that the Home country gets.
Host Country Benefit
c-substitute for imports
The products that the companies founded by FDI are producing could have been products that the Host Country used to import. Now that the goods are being made in the Host Country, there will be no need for imports.
e-increase in direct and indirect employment
The companies founded by FDI in the Host Countries will create employment for people in the company which is direct employment. Many auxiliary services such as drivers and caterers as an example will also spring up to take care of these newly employed folk thereby creating indirect employment.
i-transfer of new technology
The Company formed from FDI will bring with them technology from the Home Country that could be very beneficial to the Host Country.
Host Country Costs.
- Outflow of earnings from a foreign subsidiary
The Companies established through FDI will send some of their profits back to their home Countries. This means that the earnings would leave the Host Country instead of being reinvested in them.
d-loss of economic independence
These FDI companies tend to get very influential and powerful in the Host Country and can sometimes dictate policies. This would mean the companies have significant control over the resources of the Host Country which will lead to a loss of Economic independence. This is the main reason most people believe that China is interested in Africa.
g-loss of local Entrepreneurship
These companies created by FDI will bring with them better technology and capital that will enable them to be very competitive in the local Economy. This will discourage local Entrepreneurs who do not have the economic nor the financial backing to challenge the companies without making huge losses.
1. How has an understanding of consumer behavior helped Coppertone grow in the United States and around the globe? 2. Describe the five-stage purchase decision process for a Coppertone customer. 3. What are the possible situational, psychological, and sociocultural influences on the Coppertone consumer purchase decision process? Situational Psychological Sociocultural 4. What specific marketing activities does Coppertone utilize to help Coppertone grow in the marketplace? 5. What challenges does Coppertone face in the future? What actions would you recommend related to each challenge?
Answer: The answers are provided below
Explanation:
1. The understanding of consumer behavior which has helped Coppertone grow in the United States and around the world are:
• Its understanding of consumer behavior was along with changing behaviour of consumers.
• Its understanding was along with consumer's changing needs.
• Providing innovative solutions that are in accordance with consumer preferences.
Note that at the beginning, Coppertone started as a tanning product, but later developed nee products when the consumers preferences changed from tanning to skin protection.
2. . The Five stage purchase decision process for a Coppertone customer are:
a. Problem recognition - This is the stage of understanding the problem.
b. Search for information. It is the stage of seeking solution to the problem
c. Comparision of alternatives - This is the stage where the comparative analysis is done. This stage is influenced by the product, price, availability etc.
d. Decision of purchasing - This is the stage of decision making that is based on the comparisons made.
e. Post-purchase feedback - This is the stage whereby the consumer will evaluate the product performance. This stage is vital to retaining existing consumers.
3. The factors that can influence the Coppertone consumer purchase decision process are:
• Psychological: It is the intention of consumers to protect their skin from the sun while going out thereby maintaining their good look.
• Sociological : It is in human behaviour to replicate the things that are being done by other people in the society.
• Situational Factor: This is a case whereby consumers are left with no other alternatives than purchasing a particular product brand to meet their need.
4. The marketing activities Coppertone utilized to help it grow in the marketplace are:
• Advertisment: Coppertone advertisment strategy really worked through its use of the advertisement campaign for “the Coppertone Girl” and also their famous tagline “Tan, Don’t Burn.” This helped spar the product’s popularity.
• Use of social media: They also engage with their customers on social media nd other websites.
5. The challenges that would be faced by Coppertone in the future are:
• There will be an unbalanced demand and supply since the requirement of the product is seasonal.
• Selective usage of the product by the customer can hampers the sale.
• There may be the need for more innovative products in order to meet customer needs.
The recommendation related to each challenges are:
• Awareness should be created among the customers about their self health and looks, in order for them to shift away from seasonal usage.
• New products should be launched aggressively. This is because customers are trendy nowadays and also appealing marketing techniques should be used.
1. When The understanding of consumer behavior that has helped Coppertone grow in the United States and around the world are:
Although, Its understanding of consumer behavior was along with changing the behavior of consumers.
Then Its understanding was along with consumers' changing needs.
Consumer behaviorAlso when Providing innovative solutions that are under consumer preferences.
Note that at the beginning, Coppertone started as a tanning product, but later developed nee products when the consumer's preferences changed from tanning to skin protection.
2. When The Five stage purchase decision process for a Coppertone customer are:
a. Problem recognition - This is the stage of understanding the problem.
b. Search for information- It is the stage of seeking a solution to the problem
c. Comparison of alternatives - This is the stage where the comparative analysis is done. This stage is influenced by the product, price, availability, etc.
d. Decision of purchasing - This is the stage of decision-making that is based on the comparisons made.
e. Post-purchase feedback - This is the stage whereby the consumer will evaluate the product performance. This stage is vital to retaining existing consumers.
3. When The factors that can influence the Coppertone consumer purchase decision process are:
Psychological: Consumers intend to protect their skin from the sun while going out thereby maintaining their good look.
Sociological: It is in human behavior to replicate the things that are being done by other people in society.
Situational Factor: This is a case whereby consumers are left with no other alternatives than purchasing a particular product brand to meet their needs.
4. When The marketing activities Coppertone utilized to help it grow in the marketplace are:
The Advertisement: when the Coppertone advertisement strategy worked through its use of the advertisement campaign for “the Coppertone Girl” and also their famous tagline “Tan, Don’t Burn.” This helped spar the product’s popularity.
Use of social media: They also engage with their customers on social media and other websites.
5. The challenges that would be faced by Coppertone in the future are:
There will be an unbalanced demand and supply since the requirement of the product is seasonal.
Then Selective usage of the product by the customer can hamper the sale.
There may be a need for more innovative products to meet customer needs.
The recommendation related to each challenge are:
Awareness should be created among the customers about their self-health and looks, for them to shift away from seasonal usage.
New products should be launched aggressively. This is because customers are trendy nowadays and also appealing marketing techniques should be used.
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Target profit is $100,000; fixed overhead costs are $120,000 and fixed selling and administrative costs are $50,000. If total variable cost is $675,000, the markup percentage to the variable cost using the variable cost method is %. Round your answer to the nearest whole percent
Answer:
40%
Explanation:
The markup percentage to the variable cost using the variable cost method can be obtained by dividing the addition of the target profit and total fixed cost by the total variable cost as follows:
Total fixed cost = Fixed overhead costs + Fixed selling and administrative costs = $120,000 + $50,00 = $170,000
The markup percentage to the variable cost = (Target profit + Total fixed cost) / Total variable cost = ($100,000 + $170,000) / $675,000 = $270,000 / $675,000 = 0.40, or 40%.
Therefore, the markup percentage to the variable cost using the variable cost method is 40%.
Elisha Levi believes that a flexible, customized approach to selling is best when dealing with highly complex products or services. She typically performs an in-depth study of a prospect's needs before developing a well-planned presentation. Levi obviously favors the
Answer: problem-solution
Explanation:
Here is the complete question:
Elisha Levi believes that a flexible, customized approach to selling is best when dealing with highly complex products or services. She typically performs an in-depth study of a prospect's needs before developing a well-planned presentation. Levi obviously favors the ___________ presentation method.
a. Memorized
b. Stimulus response
c. Problem-solution
d. Need satisfaction
e. Formula
The problem-solution presentation is a form of presentation that is flexible and also a customized approach whereby the presenter will give an in-depth analysis of the needs of the prospect. It should also be noted that the problem solution presentation requires a presentation that has been well-planned. This method is good for negotiations and complex products.
The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials $ 15,000 Indirect labor 130,000 Property taxes, factory 8,000 Utilities, factory 70,000 Depreciation, factory 240,000 Insurance, factory 10,000 Total actual manufacturing overhead costs incurred $ 473,000 Other costs incurred: Purchases of raw materials (both direct and indirect) $ 400,000 Direct labor cost $ 60,000 Inventories: Raw materials, beginning $ 20,000 Raw materials, ending $ 30,000 Work in process, beginning $ 40,000 Work in process, ending $ 70,000 The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $25 per machine-hour. A total of 19,400 machine-hours was recorded for the year.Prepare a schedule of cost of goods manufactured for the year.
Answer:
Cost of Goods Manufactured $893,000
Explanation:
Chang Company
Schedule of Cost of Goods Manufactured
Inventories: Raw materials, beginning $ 20,000
Add Purchases of raw materials $ 400,000
Less Raw materials, ending $ 30,000
Direct Materials Used $390,000
Direct labor cost $ 60,000
Manufacturing overhead Costs: $ 473,000
Indirect materials $ 15,000
Indirect labor 130,000
Property taxes, factory 8,000
Utilities, factory 70,000
Depreciation, factory 240,000
Insurance, factory 10,000
Total actual Manufacturing Costs 923,000
Add Work in process, beginning $ 40,000
Cost of Goods Available For Manufacture $ 963,000
Less Work in process, ending $ 70,000
Cost of Goods Manufactured $893,000
Applied Overhead = Rate * Hours worked
= 25* 19,400= 485,000
The applied overhead is subtracted or added to the cost of goods sold amount. It is not accounted for in the schedule of cost of goods manufactured.
The selection process for a school teacher's job requires the applicant to keep a class of thirty students engaged in a classroom activity for an hour. The candidate is evaluated by the interviewers during this period, and the activity plays a vital role in the selection process. This is an example of which of the following types of tests?A. Physical ability test
B. Personality test
C. Ability test
D. Paper-and-pencil test
E. Performance Test
Answer:
E. Performance Test
Explanation:
Based on the scenario being described in the question it can be said that this is an example of a performance test. These are simply tests in which an individual is observed performing the tasks/actions that are required of them. Their performance is evaluated based on a predefined guideline in order to rate their efficiency. Which is what the interviewer is doing to the candidates in order to find the best individual to hire as a teacher.
