find the missing values in the income statement. what are the net sales? income statement sales $175,000…

find the missing values in the income statement. what are the net sales? income statement sales $175,000 returns $ (7,000) net sales $? cogs $ (60,000) gross profit $ overhead $ (50,000) net income $

find the missing values in the income statement. what are the net sales? income statement sales $175,000 returns $ (7,000) net sales $? cogs $ (60,000) gross profit $ overhead $ (50,000) net income $

Answer

Explanation:

Step1: Recall net - sales formula

Net Sales = Sales - Returns

Step2: Substitute given values

Net Sales = $175000-7000$

Step3: Calculate result

Net Sales = $168000$

Answer:

$168000$