The Bloomfield Corporation sells three items of inventory: rulers, mechanical pencils, and notebooks. The company begins operations on April 1, 2017 by purchasing 100 rulers at $6 each; 70 mechanical pencils at $8 each; and 120 notebooks at $7 each. Using the information above, calculate the book value (i. e., balance sheet value) of the three categories of inventory that Bloomfield would report as of April 1, 2017. Rulers: Pencils: Notebooks: Total: Now assume that Bloomfield incurs the following additional expenditures to acquire the inventory on April 1, 2017: The 100 rulers have a flat shipping fee of $15. The mechanical pencils are imported; each unit is subject to an import duty of $0.50. The notebooks ship with a flat fee of $12 plus $0.10 per unit. Re-calculate the book value of the three inventory categories as of April 1, 2017, taking into account the additional expenditures noted above.

At the end of the current year, $59,500 of fees have been earned but have not been billed to clients. required: a. journalize the adjusting entry to record the accrued fees on december 31. refer to the chart of accounts for exact wording of account titles. b. if the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary?

Standardization is associated with which of the following management orientations? a) ethnocentric orientation b) polycentric orientation c) regiocentric orientation d) geocentric orientation

Assume that all of thurmond company’s sales are credit sales. it has been the practice of thurmond company to provide for uncollectible accounts expense at the rate of one-half of one percent of net credit sales. for the year 20x1 the company had net credit sales of $2,021,000 and the allowance for doubtful accounts account had a credit balance, before adjustments, of $630 as of december 31, 20x1. during 20x2, the following selected transactions occurred: jan. 20 the account of h. scott, a deceased customer who owed $325, was determined to be uncollectible and was therefore written off. mar. 16 informed that a. nettles, a customer, had been declared bankrupt. his account for $898 was written off. apr. 23 the $906 account of j. kenney & sons was written off as uncollectible. aug. 3 wrote off as uncollectible the $750 account of clarke company. oct. 20 wrote off as uncollectible the $1,130 account of g. michael associates. oct. 27 received a check for $325 from the estate of h. scott. this amount had been written off on january 20 of the current year. dec. 20 cater company paid $7,000 of the $7,500 it owed thurmond company. since cater company was going out of business, the $500 balance it still owed was deemed uncollectible and written off. required: prepare journal entries for the december 31, 20x1, and the seven 20x2 transactions on the work sheets provided at the back of this unit. then answer questions 8 and 9 on the answer sheet. t-accounts are also provided for your use in answering these questions. 8. which one of the following entries should have been made on december 31, 20x1?