find the missing values in the income statement. what is the net income? income statement sales $12,000…

find the missing values in the income statement. what is the net income? income statement sales $12,000 returns $ (370) net sales $11,630 cogs $ (8,150) gross profit $ 3,480 overhead $ (2,300) net income $?

find the missing values in the income statement. what is the net income? income statement sales $12,000 returns $ (370) net sales $11,630 cogs $ (8,150) gross profit $ 3,480 overhead $ (2,300) net income $?

Answer

Explanation:

Step1: Recall net - income formula

Net Income = Gross Profit - Overhead

Step2: Substitute given values

Net Income = $3480- 2300$

Step3: Calculate result

Net Income = $1180$

Answer:

$1180$