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    Multiple-Step Income Statement

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    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
    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.

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    Solution Summary

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