Preparing an income statement - Coyote, Inc.
Not what you're looking for?
3.10. Prepare a multiple-step income statement for Coyote, Inc. from the following single-step
statement. Then write a 200-300 word summary discussing the implications of profitability and net income of the company.
Net sales $1,833,000
Interest income 13,000
1,846,000
Costs and expenses:
Cost of good 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
ISB
XYZ Company
Multi-Step Income Statement
200x 201x 202x
Net Sales
Cost of Goods Sold
Gross Profit 0 0 0
Selling and Administrative Expenses
Advertising
Depreciation and Amortization
Repairs and Maintenance
Operating Profit 0 0 0
Other Income (Expense)
Interest Income
Interest Expense
Earnings Before Interest and Taxes 0 0 0
Income Taxes
Net Earnings 0 0 0
Purchase this Solution
Solution Summary
The solution prepares an income statement for Coyote, Inc.
Solution Preview
(Accounting coach, 2009)The multiple-step profit and loss statement segregates the operating revenues and operating expenses from the nonoperating revenues, nonoperating expenses, gains, and losses. The multiple-step income statement also shows the gross profit (net sales minus the cost of goods sold). Multiple income statement shows the gross profit, operating profits and net earnings of the business. There are three benefits ...
Purchase this Solution
Free BrainMass Quizzes
Organizational Behavior (OB)
The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.
Balance Sheet
The Fundamental Classified Balance Sheet. What to know to make it easy.
Lean your Process
This quiz will help you understand the basic concepts of Lean.
Business Ethics Awareness Strategy
This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.
Operations Management
This quiz tests a student's knowledge about Operations Management