Question

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 $?

Explanation:

Step1: Recall Net Income Formula

Net Income = Gross Profit - Overhead

Step2: Substitute Values

Gross Profit = $22,450, Overhead = $5,000
Net Income = $22,450 - $5,000

Step3: Calculate Result

$22,450 - $5,000 = $17,450

Answer:

$17,450