The following information was taken from the records of Arizona Motorsports, Inc. at...
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The following information was taken from the records of Arizona Motorsports, Inc. at November 30, 2018: (Click the icon to view the data.) Prepare a multi-step income statement for Arizona Motorsports for the fiscal year ended November 30, 2018. Include earnings per share. Complete the income statement in this step, and then identify and enter the applicable EPS amounts in the following step. (Round all earnings per share amounts to the nearest cent, $X.XX.) Arizona Motorsports, Inc. Income Statement Year Ended November 30, 2018 - Data Table Net Sales Revenue 836.200 450,000 Cost of Goods Sold Gross Profit 386,200 $ $ 198,000 140,000 125,000 265,000 Selling Expenses Administrative Expenses Income From Discontinued Operations Cost of Goods Sold Treasury Stock-Common (5,000 shares) Net Sales Revenue Operating Expenses: Selling Expenses Administrative Expenses Operating Income/Income Before Taxes Income Tax Expense Income From Continuing Operations Discontinued Operations (less applicable tax) 140,000 125,000 5,600 450,000 45,000 836,200 Common Stock, $6 Par Value, 33,000 shares authorized and issued Preferred Stock, $1 No-Par Value, 5,000 shares issued Income Tax Expense: Continuing Operations Income Tax Expense: Income from Discontinued Operations 150,000 35,000 35,000 2.240 Net Income Print Done Earnings per Share of Common Stock (33,000 shares outstanding): Income From Continuing Operations Income From Discontinued Operations Net Income
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