Preparing a detailed income statement The following information was taken from the records of Daughtry Motorsports, Inc., at November 30, 2012:
|
Selling expenses |
$ 120,000 |
Common stock, $10 par, 21,300 |
|
|
General expenses |
128,000 |
shares authorized and issued |
$ 213,000 |
|
Income from discontinued operations |
4,000 |
Preferred stock, $5, no par |
|
|
Retained earnings, beginning |
86,000 |
3,000 shares issued |
150,000 |
|
Cost of goods sold |
434,000 |
Income tax expense: |
69,000 |
|
Treasury stock, common |
|
Continuing operations |
|
|
(1,300 shares) |
14,300 |
Income from discontinued |
|
|
Net sales revenue |
839,000 |
operations |
1,600 |
Requirement
1. Prepare a multi step income statement for Daughtry Motorsports for the fiscal year ended November 30, 2012. Include earnings per share.