find the missing values in the income statement. what is the net income? income statement sales $12,850…

find the missing values in the income statement. what is the net income? income statement sales $12,850 returns $ (370) net sales $12,480 cogs $ (8,200) gross profit $ 4,280 overhead $ (2,350) net income $?

find the missing values in the income statement. what is the net income? income statement sales $12,850 returns $ (370) net sales $12,480 cogs $ (8,200) gross profit $ 4,280 overhead $ (2,350) net income $?

Answer

Explanation:

Step1: Recall net - income formula

Net Income = Gross Profit - Overhead

Step2: Substitute given values

Net Income = $4280- 2350$

Step3: Calculate result

Net Income = $1930$

Answer:

$1930$