Chapter 13, Problem P13.43APGA

Preparing an income statement
Learning objective 5 Net income $65,500
The following information was taken from the records of Chua Motorsports, Inc. at November 30, 2018

Selling Expenses	$ 110,000	Common Stock, $12 Par Value.
Administrative Expenses	115,000	10,000 shares authorized and issued	$ 120.000
Income from Discontinued Operations	2,500	Preferred Stock. $7 No-Par Value,7.000 shares issued	490,000
Cost of Goods SoldTreasury Stock—Common (5.000 shares)	$10.00075,000	Income Tax Expense ContinuingOperations	20,000
Net Sales Revenue	819,000	Income Tax Expense: Income from Discontinued Operations	1,000

Prepare a multi-step income statement for Chua Motorsports for the fiscal year ended November 30, 2018 Include earnings per share.