find the missing values in the income statement. what is the net income? income statement sales $ 72,000…

find the missing values in the income statement. what is the net income? income statement sales $ 72,000 returns $ (2,500) net sales $ 69,500 cogs $(18,900) gross profit $ 50,600 overhead $(14,000) net income $ ?

find the missing values in the income statement. what is the net income? income statement sales $ 72,000 returns $ (2,500) net sales $ 69,500 cogs $(18,900) gross profit $ 50,600 overhead $(14,000) net income $ ?

Answer

Explanation:

Step1: Recall net - income formula

Net Income = Gross Profit - Overhead

Step2: Substitute given values

Net Income = $50600- 14000$

Step3: Calculate result

Net Income = $36600$

Answer:

$36600$