Reference no: EM131290295
Prepare a? multi-step income statement for Clarkson Motorsports for the fiscal year ended November? 30, 2012. Include earnings per share.
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: Continuing operations 70,000
Treasury stock, common (1,000 shares) 11,000
Income from discontinued operations 2,000
Net sales revenue 834,000
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