Calculations Shown

write a 200- to 300-word summary analyzing the implications of profitability and the net income of the company.  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 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