Asked by Sharon
I need to prepare a multi-step income statement for Coyote, Inc from a single-step statement. Thuis is the following information that I was given.
Net sales $1,833,000
Interest Income 13,000
__________
1,846,000
Costs and expenses
Cost of goods 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
My instructor gave the class a template to use. The template has three columns with the headings of 200x, 201x, 202x. I don't know where to get the numbers for the other colums. Can you explain where to find this numbers and what information is needed? Thank you.
Net sales $1,833,000
Interest Income 13,000
__________
1,846,000
Costs and expenses
Cost of goods 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
My instructor gave the class a template to use. The template has three columns with the headings of 200x, 201x, 202x. I don't know where to get the numbers for the other colums. Can you explain where to find this numbers and what information is needed? Thank you.
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