The following information was taken from the records of Daughtry Motorsports, Inc., at November 30, 2012:

Requirement
1. Prepare a multi-step income statement for Daughtry Motorsports for the fiscal year ended November 30, 2012. Include earnings pershare.

Transcribed Image Text:

Selling expenses General expenses Income from discontinucd operations Retained carnings, beginning Cost of goods sold Treasury stock, common (1,300 shares) Net sales revenue $ 120,000 Common stock, $10 par, 21,300 shares authorized and issued 4,000 Preferred stock, $5, no-par 3,000 shares issucd 434,000 Income tax expensc: Continuing operations Income from discontinucd $ 213,000 128,000 86,000 150,000 69,000 14,300 839,000 1,600 operations