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