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28 Sep 2019
Rembrandt Paint Company had the following income statement itemsfor the year ended December 31, 2016 ($ in 000s):
Net sales $ 34,000 Cost of goodssold $ 18,500 Interest income 360 Selling andadministrative expenses 4,100 Interestexpense 670 Restructuringcosts 2,400
In addition, during the yearthe company completed the disposal of its plastics business andincurred a loss from operations of $3.2 million and a gain ondisposal of the componentâs assets of $5.2 million. 600,000 sharesof common stock were outstanding throughout 2016. Income taxexpense has not yet been recorded. The income tax rate is 40% onall items of income (loss).
Required: Prepare a multiple-step income statement for 2016, including EPSdisclosures. (Amounts to be deducted should be indicatedwith a minus sign. Enter your answers in thousands except earningsper share. Round EPS answers to 2 decimalplaces.)
Rembrandt Paint Company had the following income statement itemsfor the year ended December 31, 2016 ($ in 000s): |
| Net sales | $ | 34,000 | Cost of goodssold | $ | 18,500 |
| Interest income | 360 | Selling andadministrative expenses | 4,100 | ||
| Interestexpense | 670 | Restructuringcosts | 2,400 | ||
In addition, during the yearthe company completed the disposal of its plastics business andincurred a loss from operations of $3.2 million and a gain ondisposal of the componentâs assets of $5.2 million. 600,000 sharesof common stock were outstanding throughout 2016. Income taxexpense has not yet been recorded. The income tax rate is 40% onall items of income (loss). |
| Required: |
Prepare a multiple-step income statement for 2016, including EPSdisclosures. (Amounts to be deducted should be indicatedwith a minus sign. Enter your answers in thousands except earningsper share. Round EPS answers to 2 decimalplaces.) |
Reid WolffLv2
28 Sep 2019