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prepare a multi step income statement for clarkson motorsports for the fiscal year e 644515

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

 

General expenses

134,000

shares authorized and issued

$ 210,000

Income from discontinued operations

5,000

Preferred stock, $4, no par

 

Retained earnings, beginning

90,000

6,000 shares issued

240,000

Cost of goods sold

430,000

Income tax expense:

 

Treasury stock, common

 

Continuing operations

70,000

(1,000 shares)

11,000

Income from discontinued

 

Net sales revenue

834,000

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.

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