The contract drawings prepared by the architect are generally not specific enough to facilitate accurate fabrication of the materials involved. Therefore, to produce the necessary materials for a project, subcontractors and suppliers must provide ________________________ to amplify/clarify the contract drawings.

Answers

Answer 1

Answer:

construction specifications

Explanation:

Construction contracts must always include construction specifications. These specifications refer to what materials, installations and specialized labor is required to perform correctly the building process.

Architects are paid for their blueprints, i.e. their designs. Sometimes an architect can recommend certain materials that fit his/her design, but the contractor is responsible for carrying on the actual construction.

The contractor has to specify which materials will be used and how the construction process will be carried out. E.g. it is not the same to build a house with luxurious materials like expensive floors and ceilings than a normal house.


Related Questions

Tandy Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the following:

Common stock, $6 par value, 120,000 shares authorized
Preferred stock, 11 percent, par value $13 per share, 5,000 shares authorized

During the year, the following transactions took place in the order presented:

a. Sold and issued 21,900 shares of common stock at $26 cash per share.
b. Sold and issued 2,800 shares of preferred stock at $30 cash per share.
c. At the end of the year, the accounts showed net income of $41,600. No dividends were declared.

Required:
Prepare the stockholders’ equity section of the balance sheet at the end of the year.

Answers

Answer and Explanation:

The preparation of  the stockholder equity section is presented below:

Tandy Company

Balance Sheet (Partial)  

Stockholders Equity :  

Contributed Capital :  

Common stock (21,900 shares ×  $6) $131,400

Preferred stock (5,000 shares × $13) $65,000

Additional Paid in Capital - Common stock (21,900 shares ×  $20)  $438,000

Additional Paid in Capital - Preferred stock (5,000 shares × $17) $85,000

Total Contributed Capital $719,400

Add: Retained Earnings $41,600

Total Stockholders Equity $761,000

On average, your firm sells $33,100 of items on credit each day. The average inventory period is 35 days and your operating cycle is 55 days. What is the average accounts receivable balance

Answers

Answer:

The average account receivable balance is $662,000

Explanation:

The computation of the average account receivable balance is shown below:

= Sells items on credit each day × (operating cycle - average inventory period)

= $33,100 × (55 days - 35 days )

= $33,100 × 20 days

= $662,000

hence, the average account receivable balance is $662,000. The same is to be considered

Your parents are giving you $250 a month for 4 years while you are in college. At an interest rate of .57 percent per month, what are these payments worth to you when you first start college

Answers

Answer:

FV= $13,757.37

Explanation:

Giving the following information:

Monthly payment= $250

Interest rate= 0.0057

Number of periods= 4*12= 48

To calculate the future value, we need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= monthly payment

FV= {250*[(1.0057^48) - 1]} / 0.0057

FV= $13,757.37

At the end of fiscal year 2018, Haley Legal Services and Delicious Doughnuts reported these adapted amounts on their balance sheets (all amounts in millions except for par value per share): EEB (Click the icon to view the balance sheet data.) Assume each company issued its stock in a single transaction. Journalize each company's issuance of its stock, using its actual account titles. Explanations are not required. (Enter amounts in millions. Record debits first, then credits. Exclude explanations from any journal entries.) Begin by joumalizing the Haley Legal Services common stock issuance.
Journal EntryData Table Accounts Debit Credit Milions Haley Legal Services Common stock, $0.01 par value, 2,400 shares issued S Additional paid-in capital 24 17,500 Delicious Doughnuts:
Common stock, no par value, 66 shares issued S 294

Answers

Answer:

Journal entry by Haley Legal services

Accounts title                        Debit                                                     Credit

Cash ($ 24 + 17500)            $17,524

Common Stock                                                                                  $24

 Additional Paid in Capital in excess of Par - Common Stock         $17,500

Journal entry for  Delicioy DOUGHNUT

Accounts title                       Debit                 Credit

Cash                                       $294

Common Stock - nopar                                  $294

Explanation:

Journal entry by Haley Legal services

Accounts title                        Debit                                                     Credit

Cash ($ 24 + 17500)            $17,524

Common Stock                                                                                  $24

 Additional Paid in Capital in excess of Par - Common Stock         $17,500

Journal entry for  Delicioy DOUGHNUT

Accounts title                       Debit                 Credit

Cash                                       $294

Common Stock - nopar                                  $294

The journal entry by Haley Legal services and Journal entry by Delicioy DOUGHNUT should be shown below.

Journal entry:

by Haley Legal services

Accounts title                        Debit                                                     Credit

Cash ($ 24 + 17500)            $17,524

Common Stock                                                                                  $24

Additional Paid in Capital in excess of Par - Common Stock         $17,500

By Delicioy DOUGHNUT

Accounts title                       Debit                 Credit

Cash                                       $294

Common Stock - nopar                                  $294

Learn more about journal entry here: https://brainly.com/question/24345471

Joy is looking into many different career choices. She is leaning toward the Information Technology cluster. Why
would this be a better career choice than some of the other options she was looking into?
O IT jobs are projected to increase fourteen percent between 2010 and 2020.
O IT jobs are projected to increase twenty-two percent between 2010 and 2020.
O IT jobs are projected to increase thirty-five percent between 2010 and 2020.
O IT jobs are projected to increase forty-seven percent between 2010 and 2020.

Answers

Answer:

B

Explanation:

Because I took the unit test review on edge and got it right

Answer:

bbbbbbbbbbbbbbbbbbbbbbbbb

Explanation:

On January 1, 2021, NFB Visual Aids issued $720,000 of its 20-year, 8% bonds. The bonds were priced to yield 10%. Interest is payable semiannually on June 30 and December 31. NFB Visual Aids records interest expense at the effective rate and elected the option to report these bonds at their fair value. On December 31, 2021, the fair value of the bonds was $600,000 as determined by their market value in the over-the-counter market. General (risk-free) interest rates did not change during 2021. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
Required:
1-a. Determine the price of the bonds at January 1, 2021.
1-b to 4. Prepare the necessary Journal entries.

Answers

Answer and Explanation:

The computation of price of the bonds is shown below:-

Interest on Bond = Bond Face Value × Interest rate × 6 ÷ 12 months

= $720,000 × 8% × 6 ÷ 12

= $28,800

Present Value of interest payments = Interest on bond × PVAF(i%, n)

i = semi annual discounting rate = 10% × 6 ÷ 12

= 5%

n = number of semi annual periods

= 20 years × 2 periods

= 40 periods

Present Value of interest payments = $28,800 × PVAF(5%, 40)

= $28,800 × 17.15909

= $494,182

Present Value of Redemption Value = Redemption Value × PVF(5%, 40)

= $720,000 × 0.142046

= $102,273

Price of Bonds = $494,182 + $102,273

= $596,455

1-b The Journal entries are shown below:-

a. Cash Dr, 596,455

    Discount on Bonds Payable Dr, $123,545

                      To Bonds Payable $720,000

(Being the issuance of bonds is recorded)

b. Interest Expense Dr, $29,823 (596,455 × 10% × 6 ÷ 12)

             To Discount on Bonds Payable $1,023

             To Cash $28,800 ($720,000 × 8% × 6 ÷ 12)

(Being the first interest payment is recorded)

c. Interest Expense Dr, $29,874 (($596,455 + $1,023) × 10% × 6 ÷ 12)

              To Discount on Bonds Payable $1,074

              To Cash Dr, $28,800

($720,000 × 8% × 6 ÷ 12)

(To record the second interest payment)

d. Unrealized Holding Loss Dr, 1,448

                  To Fair Value Adjustment $1,448

(Being adjust the bonds to their fair value is recorded)

Working Notes:

1) Bonds Payable Value after adjusting Discount

= $596,455+$1,023+$1,074

= $598,552

Fair Value of Bonds as on Dec 31 = $600,000

Fair Value adjustment amount is

= $600,000 - $598,552

= $1,448

Which of the following statements about the operation of a C corporation is correct?

Answers

Can you show the answer choices?? I might be able to help.

What can you conclude about a firm in the short run from its marginal product numbers as its output approaches capacity production

Answers

Answer: Law of Diminishing returns would apply

Explanation:

The Law of Diminishing returns is used to describe the phenomenon where after a certain level of input, the output produced no longer increases at an increasing rate but instead starts increasing at a decreasing rate.

For instance;

Labor                                 Output

  2                                         4

  4                                         8

  6                                         16

  8                                        20

 10                                        22

Notice how at first the output increased by 4 then by 8 but then started increasing by 4 and then by 2. This is the Law of Diminishing Marginal returns and a reality that normally faces a firm in the short run as its output approaches capacity production.

Effective versus nominal interest ratesBank A pays 8% interest compounded annually on deposits, while Bank B pays 7% compounded daily. Based on the EAR (or EFF%), which bank should you use?A. You would choose Bank A because its EAR is higher.B. You would choose Bank B because its EAR is higher.C. You would choose Bank A because its nominal interest rate is higher.D. You would choose Bank B because its nominal interest rate is higher.E. You are indifferent between the banks and your decision will be based upon which one offers you a gift for opening an account.Could your choice of banks be influenced by the fact that you might want to withdraw your funds during the year as opposed to at the end of the year? Assume that your funds must be left on deposit during an entire compounding period in order to receive any interest.A. If funds must be left on deposit until the end of the compounding period (1 year for Bank A and 1 day for Bank B), and you think there is a high probability that you will make a withdrawal during the year, then Bank A might be preferable.If funds must be left on deposit until the end of the compounding period (1 year for Bank A and 1 day for Bank B), and you have no intentions of making a withdrawal during the year, then Bank B might be preferable.B. If funds must be left on deposit until the end of the compounding period (1 day for Bank A and 1 year for Bank B), and you think there is a high probability that you will make a withdrawal during the year, then Bank B might be preferable.C. If funds must be left on deposit until the end of the compounding period (1 year for Bank A and 1 day for Bank B), and you think there is a high probability that you will make a withdrawal during the year, then Bank B might be preferable.D. If funds must be left on deposit until the end of the compounding period (1 day for Bank A and 1 year for Bank B), and you think there is a high probability that you will make a withdrawal during the year, then Bank A might be preferable.

Answers

Answer:

A. You would choose Bank A because its EAR is higher.

C) If funds must be left on deposit until the end of the compounding period (1 year for Bank A and 1 day for Bank B), and you think there is a high probability that you will make a withdrawal during the year, then Bank B might be preferable.

Explanation:

Effective interest rate(EFF%) or EAR=[ (1+r/n)^n -1]

r= nominal interest rate

n= number of compounding period per year.

For bank A we have 8%

%FF%)=[(1+0.08/1)^1 -1]

= 1.08-1

= 0.08×100

= 8%

For bank B we have 7%

EFF%)=[(1+0.07/365)^365 -1]

= 1.0725-1

= 0.0725×100

= 7.25%

You would choose Bank A because its EAR is higher. i.e bank A has 8% and bank B

7.25 respectively.

.Could your choice of banks be influenced by the fact that you might want to withdraw your funds during the year as opposed to at the end of the year?

Yes, it will , because bank B will bring interest every day, so it will be preferable, in the case that the funds is withdrawable during the year and that no interest will be generated.

because for bank A to earn interest you will need to leave the fund there for the whole year incase the fund will remain as deposit for the compounding period for interest sake.

g Jefferson & Sons purchase $5,000 of merchandise from the Claremont Company with terms of 3/10, n/30. How much discount is Jefferson & Sons entitled to take if it pays within the allowed discount period of 10 days

Answers

Answer:

Discount Received = $150

Explanation:

The terms of the purchase of inventory are 3/10, n/30 which means that Jefferson & Sons can avail a discount of 3% if they pay within the 10 days of purchase of merchandise and the total time allowed for payment for merchandise is 30 days.

If the payment is made within the discount period, Jefferson can avail a discount of,

Discount Received = 5000 * 3%

Discount Received = $150

Assume that you are part of the accounting team for Logan Digital. The company currently expects to sell 362 units for total revenue of $16,300 each month. Logan Digital estimates direct materials costs of $3,150, direct labor costs of $4,200, variable overhead costs of $2,100, and variable selling and administrative costs of $1,050. Fixed costs of $4,800 are also expected, which includes fixed overhead and selling and administrative costs. Using this information, complete the contribution margin income statement shown below.
Logan Digital is examining cost behavior patterns. Your recommendation is to first determine the break-even point in units. First, calculate the contribution margin (CM) per unit (rounded to the nearest dollar).
Next, complete the formula below to determine the break-even units.
Total Fixed Costs / Contribution Margin per Unit = Units
A profit-volume graph helps managers to visualize the relationship between profits and units sold. The data for Logan Digital has been used to construct the profit-volume graph below. The purple points (diamond symbols) plot the profit line. The operating loss is the shaded area bordered by the red points (cross symbols). The operating profit is the area bounded by the green points (triangle symbols). Graph the correct profit-value graph.
APPLY THE CONCEPTS: Effect of Changes to Sales Price, Variable Costs and Fixed Costs
Now consider each of the following scenarios for Logan Digital. Calculate the contribution margin (CM) per unit, rounded to nearest dollar, and the new break-even point in units, rounded to the nearest whole unit, for each scenario separately.
Scenario 1 Scenario 2 Scenario 3
Logan will dispose of a machine in the factory. The depreciation on that equipment is $500 per month. After some extensive market research, Logan has determined that a sales price increase of $2 per unit will not affect the sales volume and will be effective immediately. Logan has been experiencing quality problems with a materials supplier. Changing suppliers will improve the quality of the product but will cause direct materials costs to increase by $1 per unit.

Answers

Full question attached

Answer and Explanation:

Please find attached

a. Cash receipts from customers for services rendered __________ Operating __________Inflow
b. Sale of long-term investments for cash __________Investing__________ Inflow
c. Acquisition of PPE for cash _________ Investing _________ Outflow
d. Payment of income taxes ______ Operating __________ Outflow
e. Bonds payable issues for cash________ Financing __________ Outflow
f. Payment of cash dividends declared in previous year _________ Financing _______ Outflow
g. Purchase of short-term investments (not cash equivalents) for cash_______ Investing ______ Outflow
h. Purchases of inventory for cash _______ Operating _________ Outflow

Answers

Answer:

a. Cash receipts from customers for services rendered

Indication: Operating activities and Cash Inflow

b. Sale of long-term investments for cash

Indication: Investing actiivity and Cash Inflow

c. Acquisition of property, plant and equipment for cash

Indication: Investing activity and Cash Outflow

d. Payment of income taxes

Indication: Operating activity and Cash Outflow

e. Bonds payable issues for cash

Indication: Financing Activity and Cash Outflow

f. Payment of cash dividends declared in previous year

Indication: Financing activity and Cash Outflow

g. Purchase of short-term investments (not cash equivalents) for cash

Indication: Investing activity and Cash Outflow

h. Purchases of inventory for cash

Indication: Operating activity and Cash Outflow

Definition of terms

Operating Activity: This activity will show how much the cash flow from the business in operating . This included net profit and changes in assets and liabilities and amortization expenses .

Investing Activities: This part is shows the where the money is invested or investment is sold.

Financing Activities: This activities will show the cash flow from financing activities between the reporting period example. Raising or payment of the fund through the common stock , preference and bonds etc.

A Corporation sells a single product for $20 per unit. Last year, the company's sales revenue was $300,000 and its net operating income was $24,000. If fixed expenses totaled $96,000 for the year, the break-even point in unit sales was: A) 12,000 units B) 9,900 units C) 15,000 units D) 14,100 units

Answers

Answer:

A) 12,000 units

Explanation:

For computing the break even point in units sales first determine the variable cost which is shown below:

= Sales revenue - fixed expenses - net operating income

= $300,000 - $96,000 - $24,000

= $180,000

And, the variable cost per unit is

= $180,000 ÷ ($300,000 ÷ $20)

= $12

Now the break even point is

= Fixed cost ÷ Contribution margin per unit

= $96,000 ÷ ($20 - $12)

= 12,000 units

At the beginning of the current season on April 1, the ledger of Granite Hills Pro Shop showed Cash $ 3,360: inventory $ 3,500: and Common Stock $ 6,860. The following transactions were completed during April 2017.Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. $ 1,500, terms 3/10, n/60.7 Paid freight on Arnie purchase $ 80.9 Received credit from Arnie Co. for merchandise returned $700.10 Sold merchandise on account to members $1,420, terms n/30. The merchandise sold had a cost of $ 770.12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $ 1,060, terms 2/10, n30.14 Paid Arnie Co. in full.17 Received a credit from Woods Sportswear for merchandise returned $60.20 Made sales on account to members $ 820, terms n/30. The cost of the merchandise sold was $550.21 Paid Woods Sportswear in full.27 Granted an allowance to members for clothing that did not fit properly $70.30 Received payments on account from members $1,370.1. Journalize the April transactions using a perpetual inventory system.2. Prepare an income statement through gross profit for the month of April 2017.

Answers

Answer:

                                    Journal Entries

Date       Account Titles & Explanation    Debit     Credit

Apr 5       Purchases                                   $1,500

                      Accounts Payable                               $1,500

Apr 7       Freight-in                                      $80

                        Cash                                                    $80

Apr 9      Accounts Payable                        $700

                        Purchase Returns and Allowances   $700

Apr 10     Accounts receivable                    $1,420

                          Sales                                                  $1,420

Apr 10      Cost of goods sold                       $770  

                            Inventory                                           $770

Apr 12      Purchases                                     $1,060

                           Accounts Payable                              $1,060

Apr 14       Accounts Payable                        $800

                     ($1500-$700 )

                            Purchase Discounts                             $24

                            ($800 * 3%)

                             Cash                                                      $776

Apr 17        Accounts Payable                         $60

                         Purchase Returns and Allowances          $60

Apr 20      Accounts receivable                       $820

                           Sales                                                         $820

                    (To record credit sales)

Apr 20      Cost of goods sold                           $550

                           Inventory                                                   $550

Apr 21       Accounts Payable (1060-60)            $1,000

                          Purchase Discounts                                   $20

                          ($1000 * 2%)

                           Cash                                                            $980

Apr 27      Sales Returns and Allowances          $70

                            Accounts Receivable                                 $70

Apr 30       Cash                                                    $1,370

                           Accounts Receivable                                   $1,370

At the end of each month, a company pays its employees. Payroll information below is for January, the first month of the fiscal year. Assume that none of the employees exceeds the Federal unemployment tax maximum salary of $7,000 in January. Salaries $ 1,000,000 Federal and state income taxes withheld 170,000 Federal unemployment tax rate 0.80 % State unemployment tax rate (after FUTA deduction) 5.40 % Social Security (FICA) tax rate 7.65 %

Required:
Record salaries expense and payroll tax expense for the January pay period.

Answers

Answer:

January 31, 202x, wages expense

Dr Wages expense 1,000,000

    Cr Federal income taxes withheld payable 170,000

    Cr FICA taxes withheld payable 76,500

    Cr Cash 246,500

   

Taxes are generally paid the next month, that is why they are recorded as payable. This applies to both withheld taxes and payroll taxes.

January 31, 202x, payroll expense

Dr FICA taxes expense 76,500

Dr FUTA taxes expense 8,000

Dr SUTA taxes expense 54,000

    Cr FICA taxes payable 76,500

    Cr FUTA taxes payable 8,000

    Cr SUTA taxes payable 54,000

When given one variable value, the value of other variables can be easily estimated. This applies to which type of graph? a. Line c. Scale b. Bar d. Both A and B

Answers

Answer: d.

Both A and B

Explanation: 100% EDGE

Answer:

d. both A and B

Explanation:

When given one variable value, the value of other variables can be easily estimated with a line and scale graph.

Sandy Kupchack just graduated from State University with a bachelor’s degree in history. During her four years at the university, Sandy accumulated $10,000 in student loans. She asks for your help in determining the amount of the quarterly loan payment. She tells you that the loan must be paid back in five years and that the annual interest rate is 8%. Payments begin in three months.

Required:
Determine Sandy's quarterly loan payment.

Answers

Answer: $611.57 or $612 rounded to nearest dollar.

Explanation:

She would have to make a constant payment per quarter which makes it an annuity.

The $10,000 is the present value of the annuity.

The quarters remaining are = 5 years * 4 = 20 quarters

Quarterly interest = 8%/4 = 2%

10,000 = Annuity * Present Value of Annuity factor, 20 periods, 2%

10,000 = Annuity * 16.3514

Annuity = 10,000/16.3514

= $611.57

The following is a condensed version of the comparative balance sheets for Tamarisk Corporation for the last two years at December 31.
2020 2019
Cash $ 354,000 $ 156,000
Accounts receivable 360,000 370,000
Investments 104,000 148,000
Equipment 596,000 480,000
Accumulated Depreciation-Equipment (212,000 ) (178,000 )
Current liabilities 268,000 302,000
Common stock 320,000 320,000
Retained earnings 614,000 354,000
Additional information:
Investments were sold at a loss of $20,000; no equipment was sold; cash dividends paid were $60,000; and net income was $320,000.
Prepare a statement of cash flows for 2020 for Swifty Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Answers

Answer:

                              Cash Flow Statement

Cash flow from Operating Activities

Net Income                                                            $296,000

Adjustments

Depreciation                                   $34,000

(212,000- 178,000)

Loss on sale of Investments          $20,000  

Decrease in Accounts Receivable $10,000

(370,000 - 360,000)

Decrease in Current Liabilities      -$34,000

(268,000 - 302,000)

Total Adjustments                                                       $30,000

Cash from operating activities                               $326,000

Cash flow from Investing Activities

Purchase of Equipment          -$116,000

(480,000 - 596,000)

Sale of Investment                  $24,000

(148,000 - 104,000 -20,000)

Cash used in investing activities                            -$92,000

Cash flow from Financing Activities

Issue of shares                         $-    

Dividend Paid                          -$60,000

Cash from financing activities                                 -$60,000

Net Increase in cash                                                   $ 174,000

Opening Balance of Cash                                           $156,000

Closing Balance of Cash                                            $330,000

Recording and Reporting Accrued Liabilities and Deferred Revenue with Discussion of Accrual Versus Cash Accounting
During its first year of operations, Walnut Company completed the following two transactions. The annual accounting period ends December 31.
A. Paid and recorded wages of $140,000 during Year 1; however, at the end of Year 1, three days' wages are unpaid and have not yet been recorded because the weekly payroll will not be paid to employees until January 6 of Year 2. Wages for the three days are $4,900.
B. Collected rent revenue of $4,800 on December 12 of Year 1 for office space that Walnut rented to another company. The rent collected was for 30 days from December 12 of Year 1 to January 10 of Year 2. Record the collection of rent on December 12.
Required:
1. With respect to wages, provide the adjusting entry required at the end of year 1 and the journal entry required on January 6 of year 2.
2. With respect to rent revenue, provide the journal entry for the collection of rent on December 10 and the adjusting entry required on December 31.

Answers

Answer:

Walnut Company

1. Adjusting Journal Entry:

December 31, Year 1:

Debit Wages Expense $4,900

Credit Wages Payable $4,900

To accrue unpaid wages at the end of the year.

General Journal Entry:

January 6, Year 2:

Debit Wages Payable $4,900

Credit Cash Account $4,900

To record the payment of accrued wages.

2. General Journal Entry:

December 12, Year 1:

Debit Cash Account $4,800

Credit Deferred Rent Revenue $4,800

To record the receipt of rent in advance.

Adjusting Journal Entry:

December 31, Year 1:

Debit Deferred Rent Revenue $3,200

Credit Rent Revenue $3,200

To adjust for rent revenue earned for 20 days.

Explanation:

The rent revenue of $4,800 according to the question is for 30 days.  December 12 to December 31 has 20 days while January 1 to January 10 has 10 days.  So the rent revenue for Year 1 is computed as $4,800 * 20/30 = $3,200 while the remaining balance will be for rent revenue in Year 1 ($4,800 * 10/30).

Fortuna Company issued 70,000 shares of $1 par stock, with a fair value of $5 per share, for 80% of the outstanding shares of Acappella Company. The firms had the following separate balance sheets prior to the acquisition:
Assets Fortuna Acappella
Current assets $2,100,000 $ 960,000
Property, plant, and equipment (net) 4,600,000 1,300,000
Goodwill -- 240,000
Total assets $6,700,000 $2,500,000
Liabilities and Stockholders' Equity
Liabilities $3,000,000 $ 800,000
Common stock ($1 par) 800,000
Common stock ($5 par) 200,000
Paid-in capital in excess of par 2,200,000 300,000
Retained earnings 700,000 1,200,000
Total liabilities and equity $6,700,000 $2,500,000
Book values equal fair values for the assets and liabilities of Acappella Company, except for the property, plant, and equipment, which has a fair value of $1,400,000. Compute goodwill or gain recognized in the consolidated statements .
Book values equal fair values for the assets and liabilities of Acappella Company, except for the property, plant, and equipment, which have a fair value of $1,600,000.Required:
a. What is the Goodwill/Gain associated with the acquisition:
b. What is the Non-Controlling Interest recorded in the consolidated balance sheet
c. What is the balance of the assets and liabilities side of the consolidated balance sheet after the acquisition:
d.Record the two elimination entries associated with the acquisition of the company

Answers

Answer:

Part 1

$1,730,000 (Gain)

Part 2

a. $1,890,000 (Gain)

b. $560,000

c. Consolidated Assets = $9,850,000 and Consolidated Liabilities = $3,800,000

d.  Journals

Journal 1

Property Plant and Equipment $300,000 (debit)

Revaluation Reserve $300,000 (credit)

Revaluation of Acappella`s Property Plant and Equipment item

Journal 2

Common Stock $1,300,000 (debit)

Retained Earnings $1,200,000 (debit)

Revaluation Reserve $100,000 (debit)

Investment in Subsidiary $350,000 (credit)

Non-Controlling Interest $560,000 (credit)

Gain on Bargain Purchase $1,890,000 (credit)

Main Elimination Journal

Explanation:

Goodwill is the excess of Purchase Consideration over the Net Assets Acquired.

Purchase Consideration  (70,000 shares × $5) = $350,000

Part 1

Calculation of Net Assets Acquired

Retained Earnings                                             $1,200,000

Common Stock                                                  $1,300,000

Revaluation                                                           $100,000

Total Net Assets Acquired                               $2,600,000

Therefore,

Net Assets Attributable to Fortuna Company = $2,600,000 × 80%

                                                                            = $ 2,080,000

Purchase Consideration $350,000 < Net Assets Acquired ($ 2,080,000), therefore we have a gain situation of $1,730,000

Part 2

2a.

Calculation of Net Assets Acquired

Retained Earnings                                             $1,200,000

Common Stock                                                  $1,300,000

Revaluation                                                           $300,000

Total Net Assets Acquired                               $2,800,000

Therefore,

Net Assets Attributable to Fortuna Company = $2,800,000 × 80%

                                                                            = $ 2,240,000

Purchase Consideration $350,000 < Net Assets Acquired ($ 2,240,000), therefore we have a gain situation of $1,890,000

2b.

Calculation of Non - Controlling Interest

Note : I have elected to measure Non-Controlling Interest as proportionate to the fair value of Net Identified Assets Acquired !

Non - Controlling Interest = Non Controlled Interest % × Total Net Assets Acquired  

                                           = 20 % × $2,800,000

                                           = $560,000

2c.

Consolidation is 100 % of Parent/ Acquirer and 100% of subsidiary (Acquired) combined.

Assets :

Fortuna Company = $6,700,000 + $350,000     = $7,050,000

Acappella Company = $2,500,000 + $300,000 = $2,800,000

Total Assets                                                            = $9,850,000

Liabilities :

Fortuna Company                                                  = $3,000,000

Acappella Company                                                = $ 800,000

Total Liabilities                                                        = $3,800,000

2d.

Journal 1

Property Plant and Equipment $300,000 (debit)

Revaluation Reserve $300,000 (credit)

Revaluation of Acappella`s Property Plant and Equipment item

Journal 2

Common Stock $1,300,000 (debit)

Retained Earnings $1,200,000 (debit)

Revaluation Reserve $100,000 (debit)

Investment in Subsidiary $350,000 (credit)

Non-Controlling Interest $560,000 (credit)

Gain on Bargain Purchase $1,890,000 (credit)

Cost of Goods Manufactured for a Manufacturing Company The following information is available for Ethtridge Manufacturing Company for the month ending July 31:
Cost of direct materials used in production $1,150,000
Direct labor 966,000
Work in process inventory, July 1 316,400
Work in process inventory, July 31 355,500
Total factory overhead 490,500
Determine Ethtridge's cost of goods manufactured for the month ended July 31.
Ethtridge Manufacturing Company
Statement of Cost of Goods Manufactured
For the Month Ended July 31
Factory overhead 1,150,000
Manufacturing costs incurred during July Cost of direct materials used in production $1,150,000
Direct labor 966,000
Factory overhead 490,500
Total manufacturing costs incurred Work in process inventory, July 31
355,500 Total factory overhead 490,500
Determine Ethtridge's cost of goods manufactured for the month ended July 31
Ethtridge Manufacturing Company
Statement of Cost of Goods Manufactured
For the Month Ended July 31
Factory overhead 1,150,000
Manufacturing costs incurred during July Cost of direct materials used in production 1,150,000
Direct labor 966,000
Factory overhead 490,500
Total manufacturing costs incurred $ 2,606,500
Total manufacturing costs
Factory overhead -355,500
Cost of goods manufactured 2,567,400

Answers

Answer:

                Ethtridge Manufacturing Company

          Statement of Cost of Goods Manufactured

                     For the Month Ended July 31

Work in Process July 1                                                $316,400

Add: Cost of direct material used     $1,150,000

          in production  

Direct labour                                        $966,000

Total factory overhead                        $490,500

Total manufacturing costs incurred                           $2,606,500

Total manufacturing cost                                            $2,922,900

Less: Work in process July 31                                     $355,500

Cost of goods manufactured                                     $2,567,400

Plum Corporation began the month of May with $1,400,000 of current assets, a current ratio of 1.90:1, and an acid-test ratio of 1.70:1. During the month, it completed the following transactions (the company uses a perpetual inventory system).

May 2 Purchased $75,000 of merchandise inventory on credit.
8 Sold merchandise inventory that cost $55,000 for $150,000 cash.
10 Collected $26,000 cash on an account receivable.
15 Paid $29,500 cash to settle an account payable.
17 Wrote off a $5,000 bad debt against the Allowance for Doubtful Accounts account.
22 Declared a $1 per share cash dividend on its 69,000 shares of outstanding common stock.
26 Paid the dividend declared on May 22.
27 Borrowed $120,000 cash by giving the bank a 30-day, 10% note.
28 Borrowed $135,000 cash by signing a long-term secured note.
29 Used the $255,000 cash proceeds from the notes to buy new machinery.

Required
Prepare a table showing Plum's (1) current ratio, (2) acid-test ratio, and (3) working capital, after each transaction. Round ratios to two decimals.

Answers

Answer:

Plum Corporation

(1) current ratio = Current assets/current liabilities

(2) acid-test ratio = (Current asset -Inventory)/Current liabilities

(3) working capital = Current assets minus Current liabilities

(4) acid-test assets = quick assets

May 2 Purchased $75,000 of merchandise inventory on credit.

Current Assets:   $1,400,000 + $75,000 = $1,475,000

Current Liabilities: $737,000 + $75,000 = $812,000

Inventory: $147,000 +$75,000 = $222,000

(1) current ratio = $1,475,000/$812,000

= 1.82:1

(2) acid-test ratio = $1,475,000 - $222,000/$812,000

= 1.54:1

(3) working capital = Current Assets - Current Liabilities

= $1,475,000 - $812,000

= $663,000

May 8 Sold merchandise inventory that cost $55,000 for $150,000 cash.

Current Assets: $1,475,000 -55,000 + 150,000 = $1,570,000

Current Liabilities: $812,000

Inventory: $222,000 - 55,000 = $167,000

Quick Assets = $1,570,000 - 167,000 = $1,403,000

(1) current ratio = $1,570,000/$812,000

= 1.93

(2) acid-test ratio = $1,403,000/$812,000

= 1.73

(3) working capital = $1,570,000 - $812,000

= $758,000

May 10 Collected $26,000 cash on an account receivable.

Current Assets: $1,570,000 ($26,000 - $26,000) = $1,570,000

Current Liabilities: $812,000

Inventory: 167,000

Quick Assets = $1,570,000 - 167,000 = $1,403,000

(1) current ratio = $1,570,000/$812,000

= 1.93

(2) acid-test ratio = $1,403,000/$812,000

= 1.73

(3) working capital = $1,570,000 - $812,000

= $758,000

May 15 Paid $29,500 cash to settle an account payable.

Current Assets: $1,570,000 - $29,500 = $1,540,500

Current Liabilities: $812,000 - $29,500 = $782,500

Inventory: 167,000

Quick Assets = $1,540,500 - 167,000 = $1,373,500

(1) current ratio = $1,540,500/$782,500

= 1.97:1

(2) acid-test ratio = $1,373,500/$782,500

= 1.76:1

(3) working capital = $1,540,500 - $782,500

= $758,000

May 17 Wrote off a $5,000 bad debt against the Allowance for Doubtful Accounts account.

Current Assets: $1,540,500 - $5,000 = $1,535,500

Current Liabilities: $782,500

Inventory: 167,000

Quick Assets = $1,535,500 - 167,000 = $1,368,500

(1) current ratio = $1,535,500/$782,500

= 1.96:1

(2) acid-test ratio = $1,535,500/$782,500

= $1.96:1

(3) working capital = $1,535,500 - $782,500

=$753,000

May 22 Declared a $1 per share cash dividend on its 69,000 shares of outstanding common stock.

Current Assets: $1,535,500

Current Liabilities: $782,500

Inventory: 167,000

Quick Assets = $1,535,500 - 167,000 = $1,368,500

(1) current ratio = $1,535,500/$782,500

= 1.96:1

(2) acid-test ratio = $1,535,500/$782,500

= $1.96:1

(3) working capital = $1,535,500 - $782,500

=$753,000

May 26 Paid the dividend declared on May 22.

Current Assets: $1,535,500 -$69,000 = $1,466,500

Current Liabilities: $782,500

Inventory: 167,000

Quick Assets = $1,466,500 - 167,000 = $1,299,500

(1) current ratio = $1,466,500/$782,500

= 1.87:1

(2) acid-test ratio = $1,299,500/$782,500

= 1.66:1

(3) working capital = $1,466,500 - $782,500

= $684,000

May 27 Borrowed $120,000 cash by giving the bank a 30-day, 10% note.

Current Assets: $1,466,500 + $120,000 = $1,586,500

Current Liabilities: $782,500 + $120,000 = $902,500

Inventory: 167,000

Quick Assets = $1,586,500 - 167,000 = $1,419,500

(1) current ratio = $1,586,500/$902,500

= 1.76

(2) acid-test ratio = $1,419,500/$902,500

= 1.57

(3) working capital = $1,586,500 - $902,500

= $684,000

May 28 Borrowed $135,000 cash by signing a long-term secured note.

Current Assets: $1,586,500 + $135,000= $1,721,500

Current Liabilities: $902,500

Inventory: 167,000

Quick Assets = $1,721,500 - 167,000 = $1,554,500

(1) current ratio = $1,721,500/$902,500

= 1.91:1

(2) acid-test ratio = $1,554,500/$902,500

= 1.72

(3) working capital = $1,721,500 - $902,500

= $819,000

May 29 Used the $255,000 cash proceeds from the notes to buy new machinery.

Current Assets:  $1,721,500 - $255,000 = $1,466,500

Current Liabilities: $902,500

Inventory: 167,000

Quick Assets = $1,466,500 - 167,000 = $1,299,500

(1) current ratio = $1,466,500/$902,500

= 1.62:1

(2) acid-test ratio = $1,299,500/$902,500

= 1.44:1

(3) working capital = $1,466,500 - $902,500

= $564,000

Explanation:

a) Data and Calculations:

May 1, Current Assets = $1,400,000

Ratio of current assets to current liabilities = 1.90:1

Acid -test ratio = 1.70:1

Therefore, current liabilities = $1,400,000/1.9 = $737,000

Current Assets minus Inventory/$737,000 = 1.7

Therefore, current assets minus inventory = $737,000 * 1.7 = 1,253,000

Inventory = Current Assets - (Current assets -inventory)

= $1,400,000 - $1,253,000

= $147,000

Full Question attached

Answer and Explanation:

Find attached

Park Corporation is planning to issue bonds with a face value of $710,000 and a coupon rate of 7.5 percent. The bonds mature in 8 years and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year. Park uses the effective-interest amortization method and also uses a discount account. Assume an annual market rate of interest of 8.5 percent. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided. Round your final answer to whole dollars.)
Required 1. Prepare the journal entry to record the issuance of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Answers

Answer:

Journal Entry

Issuance of bond

Dr. Cash                       $$669,387

Dr. Discount on Bond $40,613

Cr. Bond Payable        $710,000

Explanation:

Price of the bond is the present value of all cash flows associated with bond.

Use following formula to calculate the issuance price f the bond

Price of the Bond = C x [ ( 1 - ( 1 + r )^-n ) / r ] + [ F / ( 1 + r )^n ]

As per given data

Face Value = $710,000

Coupon payment = $710,000 x 7.5% x 6/12 = $26,625 semiannually

Number of periods = n = 8 years x 2 period per year = 16 period s

Market interest rate = 8.5% annually = 8.5% / 2  = 4.25% semiannually

PLacing values in the formula

Price of the Bond = $26,625 x [ ( 1 - ( 1 + 4.25% )^-16 ) / 4.25% ] + [ $710,000 / ( 1 + 4.25% )^16 ]

Price of the Bond = $304,598.24 + $364,788.66 = $669,386.90 = $669,387

Discount on the bond = $710,000- $669,387 = $40,613

Moreno Motors Inc. identifies that bikers are usually the first users of their newly launched products. The firm sends consultants to biker rallies to discover how bikers who use Moreno motorcycles modify them to extend their usage, as well as the desired benefits. Recent visits revealed that bikers were seeking items, such as bolt-on chrome products, horsepower performance enhancers, and improved braking systems in Moreno motorcycles. In this example, Moreno Motors Inc. is studying which of the following groups of customers?
a) lead users.
b) mainstream customers.
c) laggards.
d) captive customers.
e) spinners.

Answers

Answer:

a) lead users.

Explanation:

Lead users are very skilled and experienced users in certain products and this users know extensively about the product application and how this products can be modified to satisfy their needs.

Lead users find solutions to problems through the use of innovation thereby improving or changing parts of the products thereby they are significant evaluating products.

Presented below is information related to Cheyenne Corp. for the year 2017.
Net sales $1,307,700 Write-off of inventory due to obsolescence $84,810
Cost of goods sold 783,400 Depreciation expense omitted by accident in 2016 44,900
Selling expenses 70,400 Casualty loss 46,800
Administrative expenses 57,500 Cash dividends declared 41,910
Dividend revenue 24,700 Retained earnings at December 31, 2016 1,018,730
Interest revenue 7,450 Effective tax rate of 34% on all items
Prepare a separate retained earnings statement for 2017. (List items that increase adjusted retained earnings first.)
CHEYENNE CORP.
Retained Earnings Statement
For the Year Ended December 31, 2017
Retained Earnings, January 1, as reported
Correction for Overstatement of Net Income in Prior Period
Retained Earnings, January 1, as adjusted
Add:Net Income/(Loss)
Less . Dividends Declared
Retained Earnings, December 31

Answers

Answer:

Retained earning at end $1,357,521

Explanation:

To calculate retain earning at end, we need to calculate first the net profit or loss.

Sales

$1,307,700

Less: cost of goods sold

($783,400 - $84,810)

($698,590)

Less: Selling & administrative expenses ($70,400 + $57,500)

($127,900)

Gross profit.

$481,210

Add: Dividend revenue

$24,700

Profit before tax

$505,910

Tax ($505,910 × 34%)

$172,009

Less: Deduction of casualty loss

($46,800)

Tax liability

$125,209

Profit after tax

$505,910 - $125,209

= $380,701

Nash Corp. Statement of retained earning.

Retained earning(opening)

$1,018,730

Less : Dividend declared

($41,910)

$976,820

Add : Profit

$380,701

Retained earning at end $1,357,521

Can anyone help me match these into the correct category?

Answers

Answer:

see below

Explanation:

Hotel chain owner

Owns all the products of the groupOwns the brand nameOwns all the properties in the groupRetains all profits of the group

Franchise hotel owner

Pays a fee to use the brand name and productsOwns one or more independent units

A hotel chain owner owns the entire business either as an individual or in a group. They have exclusive rights to the brand name of the business. They keep all the profits from the business but suffer all the losses.

A franchise is a business relationship where the business owner( the franchisor) grants a license to a third party ( the franchisee) to start and run a business similar to that of the franchisor. The franchisee gets permission to operates under the franchisor's brand name, colors, design, layout, and operating processes. They are allowed to trade franchisor's products and services.

In this exercise, decisions will be made in ethically ambiguous situations and then analyzed. As in the real world, all the background information on each situation will not be available, and assumptions will need to be made.It is recommended that the exercise be completed before reading the following mat e rial, and then revisited after you have completed the chapter.Name:Date:Part ISTEP 1Make decisions in the following situations. You will not have all the background information about each situation; instead you should make whatever assumptions you feel you would make if you were actually confronted with the decision choices described. Select the decision choice that most closely represents the decision you feel you would make personally. You should choose decision choices even though you can envision other creative solutions that were not included in the exercise.Situation 1. You are taking a very difficult chemistry course, which you must pass to maintain your scholarship and to avoid damaging your application for graduate school. Chemistry is not your strong suit, and because of a just-below-failing average in the course, you must receive a grade of 90 or better in the final examination, which is 2 days away. A janitor who is aware of your plight informs you that he found the master copy of the chemistry final in a trash barrel and saved it. He will make it available to you for a price, which is high, but which you could afford. What would you do?(a) I would tell the janitor thanks, but no thanks.(b) I would report the janitor to the proper officials.(c) I would buy the examination and keep it to myself.(d) I would not buy the examination myself, but I would let some of my friends, who are also flunking the course, know that it is available.
Situation 2. You have been working on some complex analytical data for 2 days now. It seems that each time you think you have them completed, your boss shows up with a new assumption or another "what if" question. If you only had a copy of a new software program for your personal computer, you could plug in the new assumptions and revise the estimates with ease.Then a colleague offers to let you make a copy of some software that is copyrighted. What would you do?(a) I would readily accept my friend’s generous offer and make a copy of the software.(b) I would decline to copy it and plug away manually on the numbers.(c) I would decide to go buy a copy of the software myself for $300 and hope I would be reimbursed by the company in a month or two.(d) I would request another extension on an already overdue project date.Situation 3. Your small manufacturing company is in serious financial difficulty. A large order of your products is ready to be delivered to a key customer, when you discover that the product is simply not right. It will not meet all performance specifications, will cause problems for your customer, and will require rework in the field; but this, you know, will not become evident until after the customer has received and paid for the order. If you do not ship the order and receive the payment as expected, your business may be forced into bankruptcy. And if you delay the shipment or inform the customer of these problems, you may lose the order and also go bankrupt. What would you do?(a) I would not ship the order and place my firm in voluntary bankruptcy.(b) I would inform the customer and declare voluntary bankruptcy.
(c) I would ship the order and inform the customer after I received payment.(d) I would ship the order and not inform the customer.

Answers

Answer and Explanation:

Situation 1: a) I would tell the janitor thanks, but no thanks. It would be wrong to cheat in the exam.

Situation 2:(c) I would decide to go buy a copy of the software myself for $300 and hope I would be reimbursed by the company in a month or two. Getting a copy of the software for the price would guarantee that are no copyright infringement problems which would affect the company and my job as well. Management would be happy at my dedication as I am willing to go an extra mile for the company and would likely reimburse me for expenses

situation 3: (b) I would inform the customer and declare voluntary bankruptcy. It is important that I inform the customer and let him know why the shipment didn't go through. Customers appreciate honesty and trustworthiness of sellers. He may be willing to help the company not declare bankruptcy by ordering anyways. However it is more important to not cheat the customer than it is for business to go bankrupt.

Marconi Co. has the following information available for the current year: Net Sales $ 765,000 Bad Debt Expense 45,000 Accounts Receivable, Beginning of Year 135,000 Accounts Receivable, End of Year 70,000 Allowance For Doubtful Accounts, Beginning of Year 57,000 Allowance For Doubtful Accounts, End of Year 77,000 What was the amount of write-offs during the year?

Answers

Answer:

$25,000

Explanation:

When there is a movement in allowance for bad debt account, it is usually as a result of bad debts and bad debts already written off.

The amount of write offs during the year is computed as follows;

Amount write off = Beginning allowance for doubtful accounts + Bad debt expenses - Closing allowance for doubtful accounts

= $57,000 + $45,000 - $77,000

= $25,000

Therefore, the amount of write offs during the year is $25,000

Solar Innovations Corporation bought a machine at the beginning of the year at a cost of $42,000. The estimated useful life was five years and the residual value was $5,000. Assume that the estimated productive life of the machine is 20,000 units. Expected annual production was year 1, 4,500 units; year 2, 5,500 units; year 3, 4,500 units; year 4, 4,500 units; and year 5, 1,000 units.
Required: Complete a depreciation schedule for each of the alternative methods.
a. Straight-line.
b. Units-of-production.
c. Double-declining-balance.
Which method will result in the highest net income in year 2

Answers

Answer:

Depreciation schedule for :

                  Straight-line    Units-of-production    Double-declining-balance

Year 1              $ 7,400                  $8,325                            $16,800

Year 2             $ 7,400                  $10,175                            $10,080

Year 3             $ 7,400                  $8,325                              $6,048

Year 4             $ 7,400                  $8,325                              $3,629

Year 5             $ 7,400                  $1,850                                $2,177

Straight Line Method will result in the highest Net Income. This is because it provides for the lowest charge of depreciation expense

Explanation:

Straight-line

Straight line method charges the same amount of depreciation (fixed  on cost) over the useful life of an asset.

Depreciation Charge = (Cost - Residual Value) ÷ Estimated Useful Life

                                   = ($42,000 - $5,000) ÷ 5

                                   = $ 7,400

Annual Straight line Depreciation Charge

Year 1  = $ 7,400

Year 2 = $ 7,400

Year 3 = $ 7,400

Year 4 = $ 7,400

Year 5 = $ 7,400

Units of Production

Depreciation Charge = (Cost - Residual Value) / Total Expected Production × Period`s Production

Therefore,

Depreciation Charge = Rate of depreciation × Period`s Production

then,

Rate of depreciation = ($42,000 - $5,000) / 20,000 units

                                   = $1.85 per unit of production

Annual Units of Production Deprecation Charge

Year 1  = 4,500 units × $1.85 = $8,325

Year 2 = 5,500 units × $1.85 = $10,175

Year 3 = 4,500 units × $1.85 = $8,325

Year 4 = 4,500 units × $1.85 = $8,325

Year 5 = 1,000 units × $1.85 = $1,850

Double-declining-balance.

Depreciation Expense = 2 × SLDP × BVSLDP

Where,

SLDP = 100 ÷ Number of useful life

         = 100 ÷ 5

         =  20 %

Annual Double-declining-balance Expense

Year 1 = 2 × 20% × $42,000

          = $16,800

Year 2 = 2 × 20% × ($42,000 - $16,800)

           = $10,080

Year 3 = 2 × 20% × ($42,000 - $16,800 - $10,080)

           = $6,048

Year 4 = 2 × 20% × ($42,000 - $16,800 - $10,080 - $6,048)

           = $3,629

Year 5 = 2 × 20% × ($42,000 - $16,800 - $10,080 - $6,048- $3,629)

           = $2,177

External Influences on Consumer Behavior SaGa is a European fashion store chain that specializes in accessible, trendy clothes and accessories for men and women. Its target audience includes fashion-conscious young men and women, ages 16-30. After success in Europe, SaGa is getting ready to launch its flagship stores in five U.S. markets-New York, Los Angeles, Chicago, San Francisco, and Miami. Based on its product offerings, SaGa is targeting millennials (those born between 1982 and 2000, also called gen Y). As a group, millennials are open to making impulse purchases, and are socially connected as demonstrated by their use of Twitter to tweet about products and brands. Also, based on its "accessible" price for its fashion offerings, Saga is targeting middle-to upper-middle-class millennials. SaGa's advertising agency of record was excited about the impending launch campaign in the U.S. and its first-ever foray into the American market, which is heavily influenced by celebrity and pop culture. The agency was developing a campaign that focused on "usage occasion"—the ad would show a group of friends, in their 20s, getting together for a Friday night out in the city. A social occasion such as a night out with friends, combined with the setting of a city street lined with trendy clubs and restaurants, highlighted a perfect usage occasion for wearing fashionable clothes from SaGa. In the ad, the friends walk through a busy city street that has a party atmosphere, and pass several other people whose fashion sense is not as trendy as theirs. As they pass these people, the contrast between their group and the other people is highlighted by the use of muted, fading colors (for the other people) versus bright and pleasing colors (for the group of friends wearing SaGa). The agency was thus contrasting those who do not wear SaGa, a dissociative group, with those who do. Meanwhile, Raza, a high-end fashion store chain in Europe, is planning to enter the Japanese market. RaZa's promotional strategy decisions include highlighting the purchase situation in their ads by showing the exclusive boutique store atmosphere, and by using international supermodels that denoted an aspirational group for their target audience. RaZa targeted older and more affluent consumers compared to SaGa; their target market consisted of upper-class gen X'ers in Japan (those born between 1946 and 1976). RaZa's research revealed that the Japanese culture understood and respected high-end fashion. The consumer does not make purchase decisions in isolation. A number of external factors have been identified that may influence consumer decision-making, such as culture, subcultures, social class, reference groups, and situational determinants. Match the various external (or environmental) influences on consumer behavior to the relevant situations in SaGa's promotional decisions. Then match these external influences to examples found in RaZa's decisions. Born between 1965-1976 SaGa's Promotional Decisions External Influences Examples of External on Consumer Influence from Behavior RaZa's Promotional Decisions Affluent consumers Exclusive boutique-like shopping atmosphere Decision to launch in America, which represented a new culture, compared to their existing markets. Supermodels Target consumers: millennials Situational determinants Target consumers: middle and upper-middle class Social class Ads featured people that the target consumers identify with (associative groups), and also people that the target group does not belong to (dissociative groups). Subculture Ads featured a typical usage occasion for SaGa's product offerings - a Friday night out with friends. Japanese appreciation for high-end fashion Reference groups Culture

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