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.