After the company completes the bank reconciliation, it makes journal entries for adjustments
A) it made to the bank statement balance only.
B) it made to the company records only.
C) it made to both the bank statement and the company records.
D) made on the statement of cash flows.
B
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Indicate whether the statement is true or false
Bluebird Mfg. has received a special one-time order for 15,000 bird feeders at $3 per unit. Bluebird currently produces and sells 75,000 units at $7.00 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 $3.50 per unit, which includes $2.25 variable cost and $1.25 fixed cost. If Bluebird accepts this additional business, the incremental cost will be:
A. $7,500. B. $45,000. C. $38,750. D. $11,250. E. $33,750.
On a trade acceptance, the drawer is also the drawee.
Answer the following statement true (T) or false (F)
Medico Records Company orders thirty hard drives from Nano Computers, Inc. The hard drives are stored in Enviro Warehouse. Under the terms of the order, Nano must give Medico a warehouse receipt for the goods, which Medico will then pick up. Title to the goods passes to Medico when
A. Enviro stores the drives. B. Medico orders the drives. C. Medico picks up the drives. D. Nano gives Medico a warehouse receipt for the drives.