Prepare a multi-step income statement for Clarkston Motorsports for the fiscal year ended. Include earnings per share. Selling expenses $125,000
Common stock, $10 par, 21,000 shares authorized and issued $210,000
General expenses 134,000
Income from discontinued operations 5,000
Preferred stock, $4, no-par 6,000 shares issued 240,000
Retained earnings, beginning 90,000
Cost of goods sold 430,000
Income tax expense: Continuing operations 70,000
Treasury stock, common (1,000 shares) 11,000
Income from discontinued operations 2,000
Net sales revenue 834,000
Complete the income statement in this step. and then identify and enter the applicable EPS amounts in the following step.
Clarkston Motorsports
Income statement
Year ended November 30,2016
Net Sales Revenue 863,000
Cost of Goods Sold 510,000
Gross Profit 35,3000
Selling Expenses
Administrative Expenses
Income Tax Expense
Income From Continuing Expense
Net Income

Match the different financial task to their corresponding financial life cycle phases

Engberg company installs lawn sod in home yards. the company’s most recent monthly contribution format income statement follows: amount percent of sales sales $ 80,000 100% variable expenses 32,000 40% contribution margin 48,000 60% fixed expenses 38,000 net operating income $ 10,000 required: 1. compute the company’s degree of operating leverage. (round your answer to 1 decimal place.) 2. using the degree of operating leverage, estimate the impact on net operating income of a 5% increase in sales. (do not round intermediate calculations.) 3. construct a new contribution format income statement for the company assuming a 5% increase in sales.

The unadjusted trial balance of the manufacturing equitable at december 31, 2018, the end of its fiscal year, included the following account balances. manufacturing’s 2018 financial statements were issued on april 1, 2019. accounts receivable $ 114,250 accounts payable 53,600 bank notes payable 670,000 mortgage note payable 1,270,000 other information: the bank notes, issued august 1, 2018, are due on july 31, 2019, and pay interest at a rate of 12%, payable at maturity. the mortgage note is due on march 1, 2019. interest at 11% has been paid up to december 31 (assume 11% is a realistic rate). manufacturing intended at december 31, 2018, to refinance the note on its due date with a new 10-year mortgage note. in fact, on march 1, manufacturing paid $263,000 in cash on the principal balance and refinanced the remaining $1,007,000. included in the accounts receivable balance at december 31, 2018, were two subsidiary accounts that had been overpaid and had credit balances totaling $19,650. the accounts were of two major customers who were expected to order more merchandise from manufacturing and apply the overpayments to those future purchases. on november 1, 2018, manufacturing rented a portion of its factory to a tenant for $32,400 per year, payable in advance. the payment for the 12 months ended october 31, 2019, was received as required and was credited to rent revenue. required: (1) prepare any necessary adjusting journal entries at december 31, 2018, pertaining to each item of other information (2) prepare the current and long-term liability sections of the december 31, 2018, balance sheet. balance sheet (partial) at december 31, 2018 current liabilities: total current liabilities long-term liabilities: