Preparing a detailed income statement
The following information was taken from the records of Clarkson Motorsports, Inc., at November 30, 2012:
|
Selling expenses |
$ 125,000 |
Common stock, $10 par, 21,000 shares authorized and issued |
$ 210,000 |
|
General expenses |
134,000 |
||
|
Income from discontinued operations |
5,000 |
Preferred stock, $4, no-par 6,000 shares issued |
240,000 |
|
Retained earnings, beginning |
90,000 |
||
|
Cost of goods sold |
430,000 |
Income tax expense: |
|
|
Treasury stock, common |
Continuing operations |
70,000 |
|
|
(1,000 shares) |
11,000 |
||
|
Net sales revenue |
834,000 |
Income from discontinued operations |
2,000 |
Requirement
1. Prepare a multi-step income statement for Clarkson Motorsports for the fiscal year ended November 30, 2012. Include earnings per share.