The total of the operating expenses for the period is added to the gross profit on sales to determine the net income or net loss from operations - True.
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What is operating expenses?</h3>
Operating expenses are expenses a business incurs in order to keep it running, such as staff wages and office supplies.
Operating expenses are summarized on a company's income statement. Every company has different operating expenses based on their industry and setup
Examples include rent, travel, utilities, salaries, office supplies, maintenance and repairs, property taxes and depreciation.
Operating expenses = accounting supplies + expenses on office supplies + insurance + licensing fees + legal fees + marketing and advertising + payroll and wages + repairs and equipment maintenance + taxes + travel + utilities + vehicle expenses.
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