it View Bookmarks Develop Window Help Part 1 The Trial Belance For t Esquire Com
ID: 2333510 • Letter: I
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it View Bookmarks Develop Window Help Part 1 The Trial Belance For t Esquire Comle Book C -Parti Help S Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016 ($ in 000s 25,000 Cost of goods sold 14,000 Net sales Interest income 270 Selling and Interest expense 490 Restructuring costs administrative 3,200 expenses 1,500 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $2.4 million and a gain on disposal of the component's assets of $3.4 million. 600,000 shares of common stock were eoutstanding throughout 2016. Income tax expense has not yet been recorded. The income tax rate is 40% on all items of income (loss). Prepare a multiple-step income statement for 2016, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places.) REMBRANDT PAINT COMPANY Income Statement For the Year Ended December 31, 2016 16 MacBook Air 20 ooo F4 17Explanation / Answer
REMBRANDT PAINT COMPANY Income statement For the year ended December 31,2016 ($ in thousands, except per share amounts) Sales revenue 25,000 Cost of goods sold 14,000 Gross Profit 11,000 Operating expenses Selling and administrative 3,200 Restructuring cost 1,500 4,700 Operating income 6,300 Interest income (expense), net (270-490) (220) Income from continuing operations before income taxes 6,520 Income tax expense @40% 2,608 Income from continuing operations 3,912 Discontinued operations Income from operations of discontinued component (3.4-2.4) 1,000 Income tax expense @40% 400 Income on discontinued operations 600 Net Income 4,512 Earnings per share: Income from continuing operations 6.52 Income from discontinued operations 1.00 Net Income 7.52
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