An Expense is the price of operations that a business enterprise incurs to generate revenue. It is without a doubt described because the price one is needed to spend on acquiring something.
The required details for Expense in given paragraph
Service Fees $ 421,010
Rent Revenue $ 4,450
Total Revenue $ 425,460
Expenses Salaries Expense $ 301,820
Depreciation Expense—Equipment 16,400
Rent Expense $13,700
Supplies Expense $ 9,710
Utilities Expense $8,780
Depreciation Expense—Buildings $5,850
Repairs Expense $ 4,840
Insurance Expense $ 2,650
Miscellaneous Expense $4,520
Total Expenses $368,270
Net Income / (Loss) $57,190
Common fees encompass bills to suppliers, worker wages, manufacturing facility leases, and equipment depreciation. Businesses are allowed to write down off tax-deductible fees on their earnings tax returns to decrease their taxable earnings and hence their tax liability; however, the Internal Revenue Service (IRS) has strict guidelines on which fees agencies are allowed to say as a deduction.
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