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Determine total deductions under accrual basis of accounting

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Reference no: EM132787615

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

Reference no: EM132787615

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