PDA-33A

Preparing an income statement:

The following information was taken from the records of Grey Motorsports, Inc. at November 30, 2016:

Net Income: 108,600

Selling Expenses	125,000
Administrative Expenses	95,000
Income from Discontinued Operations	11,000
Cost of Goods Sold	440,000
Treasury StockCommon (500 shares)	4,000
Net Sales Revenue	797,000
Common Stock, $5 Par Value, 30,500 shares authorized and issued	152,500
Preferred Stock, $3 No-Par Value, 5,000 shares issued	250,000
Income Tax Expense: Continuing Operations	35,000
Income Tax Expense: Income from Discontinued Operations	4,400

Prepare a multi-step income statement for Grey Motorsports for the fiscal year ended November 30, 2016. Include earnings per share.