find the missing values in the income statement. what are the net sales? income statement sales $170,000…

find the missing values in the income statement. what are the net sales? income statement sales $170,000 returns $ (7,500) net sales $? cogs $ (40,000) gross profit $ overhead $ (40,000) net income $

find the missing values in the income statement. what are the net sales? income statement sales $170,000 returns $ (7,500) net sales $? cogs $ (40,000) gross profit $ overhead $ (40,000) net income $

Answer

Explanation:

Step1: Recall net - sales formula

Net sales = Sales - Returns

Step2: Substitute given values

Net sales=$170000 - 7500$

Step3: Calculate the result

Net sales = $162500$

Answer:

$162500$