1 The above figures place the cost of the addition at $124 per square foot. 2  This pricing structure assumes that carpenters charge an average of $70 per hour, electricians between $65 to $85 per hour, and painters between $20 and $35 per hour.
Generally speaking, this field is what is used to capture the detailed explanation of the business reason behind the expenses that are included on the report. On expense reports that are created using the Business Expenses template, not all expenses on the report may be related to each other.
GAAP, however, generally requires that these costs be expensed when incurred because it is difficult determine their future benefits and relation to future revenues (the matching principle). Unless there are large amounts of organizational expenses, they are usually expensed for GAAP and financial reporting purposes.