Reference no: EM132785230
ABC Corporation had the following items of expense and expenditures in 2020
Purchase of equipment in cash 200,000
Freight on purchase of equipment in cash 20,000
2020 salaries expenses paid this period 50,000
Supplies bought in 2019, half was used in 2020 16,000
Depreciation expenses on property 24,000
2020 expenses, not paid this period 12,000
2021 expenses, paid this period 18,000
Problem 1: Determine the total deductions under Cash and Accrual basis of accounting
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