find the missing values in the income statement. what is the net income?\nincome statement\nsales $…

find the missing values in the income statement. what is the net income?\nincome statement\nsales $ 520,000\nreturns $ (25,000)\nnet sales $ 495,000\ncogs $ (100,000)\ngross profit $ 395,000\noverhead $ (100,000)\nnet income $ ?

find the missing values in the income statement. what is the net income?\nincome statement\nsales $ 520,000\nreturns $ (25,000)\nnet sales $ 495,000\ncogs $ (100,000)\ngross profit $ 395,000\noverhead $ (100,000)\nnet 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:

$295000$