Important information about Multiple-step income statement

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
1,846,000

Costs and expenses:
Cost of goods sold 1,072,000
Selling expenses 279,000
General and admin. Expenses 175,000
Depreciation 14,000
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.

Solution Summary

The solution computes multiple-step income statement for Coyote, Inc.