Riverbed Company sold $76000 worth of goods on account to Bramble Inc. on June 20. Riverbed marks all goods up 25% on cost. Bramble has 45 days to return the goods for any reason. On July 1, Bramble returns $6650 worth of goods. Riverbed expects to be able to resell the returned goods at a profit. The journal entries for Riverbed to record the initial sales on June 20 included debits to O Inventory for $76000, and Cash for $60800. O No entry can be made because the items can be returned. O Accounts Receivable for $76000, and Cost of Goods Sold for $60800. O Accounts Receivable for $76000, and Sales of $60800.

Q: Classify the Costs for Financial Statements?

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: What are the measure of outputs in accounting?

A: The objective of this question is to understand the various measures of outputs in the field of…

Q: what the difference between accounting income and economic income?

A: Accounting income can be defined as an estimate of the performance in the operations of the company.…

Q: Required information Skip to question [The following information applies to the questions displayed…

A: Segment reporting breaks down the operations of a company into manageable pieces, or segments.…

Conversion Cycle

Conversion cycle is also known as cash cycle or net operating cycle. Conversion cycle refers to how much time a company takes to turn its investments which is done from stock or any other financial resources into cash flows from sales.