Concept explainers
Concept Introduction
Income Statement: Income Statement is a financial statement that shows an entity’s revenues and expenses and the resulting net income or net loss for the particular period.
Multi-Step Income Statement: It is an income statement that involves multiple subtractions to compute the net income. It consists of operating and non-operating sections. The gross profit and the operating income (or the income from continuing operations) are the part of the operating section. The income (or loss) from discontinued operations and extraordinary income (or loss) are the part of non-operating section.
Earnings per Share: Earnings per Share (EPS) is a financial profitability ratio that measures the amount of net income available to common stockholders earned on one share. It is calculated by dividing net income available to common stockholders by the average (or weighted average) number of shares outstanding during a period.
To Prepare: A multi-step income statement for Shepard Motorsports for the fiscal year ended November 30, 2016, including earnings per share.
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ACCOUNTING PRINCIPLES 122 5/16 >C<
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