find the missing values in the income statement. what are the net sales? income statement sales $ 72,000…

find the missing values in the income statement. what are the net sales? income statement sales $ 72,000 returns $ (2,500) net sales $? cogs $ (18,900) gross profit $ overhead $ (14,000) net income $

find the missing values in the income statement. what are the net sales? income statement sales $ 72,000 returns $ (2,500) net sales $? cogs $ (18,900) gross profit $ overhead $ (14,000) net income $

Answer

Explanation:

Step1: Recall net - sales formula

Net Sales = Sales - Returns

Step2: Substitute given values

Net Sales = $72000-2500$

Step3: Calculate result

Net Sales = $69500$

Answer:

$69500$