Carlos reported the following information for GPE's business activities (GPE uses the cash method of accounting): Revenues: Credit card receipts $352,000 Cash receipts 648,000 Total revenue $1,000,000 Expenses: Advertising $5,450 Insurance-professional 15,750 Ofce building rent 62,000 Equipment leases 6,050 Travel 14,200 Meals and entertainment 2,980 Wages 498,725 Taxes and licenses 44,875 Employee health insurance 42,000 Employee benefit programs 14,500 Utilities 37,425 Office supplies 18,900 Legal and professional fees 15,550 Repairs and maintenance 10,000 Total Expenses S 788,400