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    Question

    multiple-step income statement?
    Prepare a multiple-step income statement for Coyote, Inc. from the following single-step statement. Then analyze the implications of profitability and the 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
    a few seconds ago 1 Answer

    Best Answer

    Net sales $1,833,000 Cost of good sold 1,072,000 ..Gross profit $761,000 Operating expenses Selling expenses 279,000 General and admin. expenses 175,000 Depreciation 14,000 ..Total op'g expenses $468,000 Operating income $293,000 Non-operating or other Interest income 13,000 Interest expense 16,000 ..Total non-operating (3,000) Income before income taxes 290,000 Income tax expense 116,000 Net income $ 174,000 I can't say much about the profitability given just this company's data. You should compare this with other companies in the same industry. On the surface, selling expenses seem high, but this could be the norm in this industry.
    a few seconds ago

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