A). Prepare a multiple-step income statement for Coyote, Inc. from the following single-step statement.
Net sales $1,833,000
Interest income 13,000
Costs and expenses:
Cost of goods sold 1,072,000
Selling expenses 279,000
General and admin. Expenses 175,000
Interest expense 16,000
Income tax expense 116,000
Net income $ 174,000
B). Summarize analyzing the implications of profitability and the net income of the company.
The solution computes multiple-step income statement for Coyote, Inc.