find the missing values in the income statement. what is the net income? income statement sales $175,000…

find the missing values in the income statement. what is the net income? income statement sales $175,000 returns $ (7,000) net sales $168,000 cogs $ (60,000) gross profit $108,000 overhead $ (50,000) net income $?

find the missing values in the income statement. what is the net income? income statement sales $175,000 returns $ (7,000) net sales $168,000 cogs $ (60,000) gross profit $108,000 overhead $ (50,000) net income $?

Answer

Explanation:

Step1: Recall net - income formula

Net income = Gross profit - Overhead

Step2: Substitute given values

Net income = $108000-50000$

Step3: Calculate result

Net income = $58000$

Answer:

$58,000$