Horngren's Financial & Managerial Accounting (5th Edition)
5th Edition
ISBN: 9780133866292
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 15, Problem 15.33AP
Preparing an income statement
The following information was taken from the records of Grey Motorsports, Inc. at November 30, 2016:
| Selling Expenses | $ 125,000 |
| Administrative Expenses | 95,000 |
| Income from Discontinued Operations | 11,000 |
| Cost of Goods Sold | 440,000 |
| 4,000 | |
| Net Sales Revenue | 797,000 |
| Common Stock, $5 Par Value, 30,500 shares authorized and issued | $ 152,500 |
| 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.
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Chapter 15 Solutions
Horngren's Financial & Managerial Accounting (5th Edition)
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