find the missing values in the income statement. what is the net income? income statement sales $12,800…

find the missing values in the income statement. what is the net income? income statement sales $12,800 returns $ (360) net sales $12,440 cogs $ (8,000) gross profit $ 4,440 overhead $ (2,500) net income $?

find the missing values in the income statement. what is the net income? income statement sales $12,800 returns $ (360) net sales $12,440 cogs $ (8,000) gross profit $ 4,440 overhead $ (2,500) net income $?

Answer

Explanation:

Step1: Recall net - income formula

Net Income = Gross Profit - Overhead

Step2: Substitute given values

Net Income = $4440- 2500$

Step3: Calculate result

Net Income = $1940$

Answer:

$1940$