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Unformatted text preview: Running head: CHECKPOINT:PREPARING AN INCOME STATEMENT 1 Checkpoint: Preparing an Income Statement Nikki Vergets Acc/230 6/18/11 Connie Poynter CHECKPOINT: PREPARING AN INCOME STATEMENT 2 Checkpoint: Preparing an Income Statement 3.10. Prepare a multiple-step income statement for Coyote, Inc. from the following single-step statement. Multiple-step Format Selling Expenses 279,000 General and admin. Expenses 175,000 Depreciation 14,000 Operating Profit 293,000 Other Income (expense) Interest Income 13,000 Earnings before taxes and interest 306,000 Other Expenses Interest expence 16,000 Income Taxes 116,000 Net Income (Net Earnings) 174,000 Well the conclusion that I have drawn from the income statement for Coyote Inc. is that they have a good performance foundation. Their biggest profit generator is their operations, which shows that the company has healthy sales levels which are able to cover both fixed and variable expenses. Coyotes cost of goods sold are pretty high I think that they should evaluate variable expenses....
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This note was uploaded on 07/12/2011 for the course ACC 230 acc 230 taught by Professor Connie during the Spring '11 term at University of Phoenix.
- Spring '11