find the missing values in the income statement. what is the net income? income statement sales $ 520,000…

find the missing values in the income statement. what is the net income? income statement sales $ 520,000 returns $ (25,000) net sales $ 495,000 cogs $ (100,000) gross profit $ 395,000 overhead $ (100,000) net income $ ?

find the missing values in the income statement. what is the net income? income statement sales $ 520,000 returns $ (25,000) net sales $ 495,000 cogs $ (100,000) gross profit $ 395,000 overhead $ (100,000) net income $ ?

Answer

Explanation:

Step1: Recall net - income formula

Net income = Gross profit - Overhead

Step2: Substitute given values

Net income = $395000- 100000$

Step3: Calculate result

Net income = $295000$

Answer:

$295000$