Acc/230 Checkpoint: Preparing an Income Statement
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Running head: CHECKPOINT:PREPAR ING AN INCOME STATEMENT 1 Acc/230 Checkpoint: Preparing an Income Statement Checkpoint: Prepar ing an Income Statement Acc/230 Date: 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) 174,000Page 2
Running head: CHECKPOINT:PREPAR ING AN INCOME STATEMENT 1 Acc/230 Checkpoint: Preparing an Income Statement Checkpoint: Prepar ing an Income Statement Acc/230 Date: 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