Gadget corp. Recently reported sales revenue of $775,000, gross profit of $350,000, and net income of $64,000 for its most recent fiscal year. What were the firm’s operating expenses for the year?.

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04-03-2022
Business

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Gadget corp. Recently reported sales revenue of $775,000, gross profit of $350,000, and net income of $64,000 for its most recent fiscal year. What were the firm’s operating expenses for the year?.

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anthougo anthougo · Answer 1 · 2022-03-08T03:43:50-05:00

Gadget Corporation's operating expenses for the year are$286,000.

What are operating expenses?

Operating expenses are expenses that are not directly related to the goods and services that the firm offers. Instead, they are expenses that are incurred in running the business. They include administrative and selling expenses.

Operating expenses are usually deducted from gross profit before arriving at the net income.

Data and Calculations:

Sales revenue = $775,000

Gross profit = $350,000

Net income = $64,000

Operating expenses = $286,000 ($350,000 - $64,000)

Thus, the firm's operating expenses for the year are$286,000.

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What are operating expenses?

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