Difference between expenditures and expenses Based on the information shown below, calculate for the year ended December 31, 2019, (a) the total amount of expenditures that would be recognized when using the current financial resources measurement focus and modified accrual basis of accounting, and (b) the total amount of expenses that would be recognized using the economic resources measurement focus and accrual basis of accounting.
Salaries paid in cash during 2019 $3,000,000
Salaries applicable to 2019, due to be paid January 5, 2020 20,000
Utility bill applicable to 2019, due to be paid January 10, 2020 10,000
Equipment acquired at the beginning of 2019 and having an estimated useful life of 10 years 200,000
Payment of principal on long-term debt on December 31, 2019 100,000
Payment of interest on long-term debt on December 31, 2019 40,000
Item (a) Expenditures (b) Expenses
Salaries paid in cash during 2019 $ $
Salaries applicable to 2019, due 1/5/20
Utility bill applicable to 2019, due 1/10/20
Equipment acquired, est. useful life, 10 years
Principal payment on long-term debt, 12/31/19
Interest payment on long-term debt, 12/31/19
Total