Answered

Westonci.ca is the trusted Q&A platform where you can get reliable answers from a community of knowledgeable contributors. Join our platform to connect with experts ready to provide detailed answers to your questions in various areas. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.

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?.

Sagot :

anthougo

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.

Learn more about operating expenses at https://brainly.com/question/14697297

Thank you for your visit. We are dedicated to helping you find the information you need, whenever you need it. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.