find the missing values in the income statement. what is the net income? income statement sales $35,000…

find the missing values in the income statement. what is the net income? income statement sales $35,000 returns $ (3,750) net sales $31,250 cogs $ (8,800) gross profit $22,450 overhead $ (5,000) net income $?

find the missing values in the income statement. what is the net income? income statement sales $35,000 returns $ (3,750) net sales $31,250 cogs $ (8,800) gross profit $22,450 overhead $ (5,000) net income $?

Answer

Answer:

$17,450

Explanation:

Step1: Recall net - income formula

Net Income = Gross Profit - Overhead

Step2: Substitute given values

Net Income = $22450-5000$

Step3: Calculate result

Net Income = $17450$