Question: Write a summary discussing the implications of profitability and net income of the company.
| Coyote Company |
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| Multi-Step Income Statement |
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| For the Year Ended Decmber 31, 202x |
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| Net Sales |
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$1,833,000 |
| Cost of Goods Sold |
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$1,072,000 |
| Gross Profit |
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$761,000 |
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| Selling and Administrative Expenses |
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| Selling Expenses |
$279,000 |
|
| Depreciation and Amortization |
$14,000 |
|
| General & Administrative Expenses |
$175,000 |
$468,000 |
| Operating Profit |
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$293,000 |
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| Other Income (Expense) |
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| Interest Income |
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$13,000 |
| Earnings Before Interest and Taxes |
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$306,000 |
| Interest Expense |
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$16,000 |
| Earnings before Taxes |
|
$290,000 |
| Income Taxes |
|
$116,000 |
| Net Earnings |
|
$174,000 |