find the missing values in the income statement. what is the net income? income statement sales $12,900…

find the missing values in the income statement. what is the net income? income statement sales $12,900 returns $ (350) net sales $12,550 cogs $ (8,400) gross profit $ 4,150 overhead $ (2,650) net income $?

find the missing values in the income statement. what is the net income? income statement sales $12,900 returns $ (350) net sales $12,550 cogs $ (8,400) gross profit $ 4,150 overhead $ (2,650) net income $?

Answer

Explanation:

Step1: Recall net - income formula

Net income = Gross profit - Overhead

Step2: Substitute given values

Net income = $4150- 2650$

Step3: Calculate result

Net income = $1500$

Answer:

$1500$