Determine the total deductions under cash and accrual basis

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Reference no: EM132789549

Problem 1: Determine the Total Deductions under Cash and Accrual Basis of Accounting.

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

Reference no: EM132789549

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