Answer:
the correct answer is option C
(c)offset the effect of increasing repair and maintenance costs as the asset ages
Explanation: As depreciation expense decrease overtime, repairs and maintenance expense increases.
Expensing the cost of copy paper when the paper is acquired is an example of .Cost constraint.
<h3>What is
Cost constraint?</h3>
A cost constraint in accounting occurs when it is excessively expensive to report specific information in the financial statements. The applicable accounting standards permit a reporting entity to forego the associated reporting where doing so would be prohibitively expensive. The purpose of enabling the cost constraint is to prevent firms from paying excessive expenditures to fulfill their financial reporting duties, especially when compared to the benefit received by readers of the financial statements.
Only certain requirements for financial reporting that are mentioned in the accounting standards are subject to the cost limitation. In all other instances, regardless of the underlying cost, financial information must be reported.
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<u>Business Management and Administration</u>: general manager and executive secretary
<u>Finance</u>: accountant, loan officer
<u>Marketing, sales, and service</u>: survey researcher and purchasing agent
<u>Transportation, distribution, and Logistics</u>: storage and distribution manager and cargo and freight attendant
Answer:
Cash sales = $233,200 × (100 ÷ 106)
= $220,000
Credit sales = $153,700 × (100 ÷ 106)
= $145,000
Sales tax revenue = ($220,000 + $145,000) × 6%
= $21,900
Therefore, the Journal is as follows:
Sales tax revenue A/c Dr. $21,900
To sales tax payable $21,900
(To record the sales tax payable)
