Rembrandt Paint Company had the following income statement items for the year ended December 31, 2018 ($ in 000s): Net sales $ 21,000 Cost of goods sold $ 12,000 Interest income 230 Selling and administrative expenses 2,800 Interest expense 410 Restructuring costs 1,100 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $1.9 million and a gain on disposal of the componentâs assets of $2.6 million. 600,000 shares of common stock were outstanding throughout 2018. Income tax expense has not yet been recorded. The income tax rate is 40% on all items of income (loss). Required: Prepare a multiple-step income statement for 2018, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places.)
Required:
Prepare a multiple-step income statement for 2018, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places.)
This is what I was able to get so far:
sales revenue 21000 cost of goods sold 12000 gross profit 9000 operating expense: selling & administrative 2800 restructuring cost 1100 3900 operating income 5100 interest income (expense), net (180) income from continuing operations before income tax 4920 income from continuing operations 4920 discontinued operations income from operations of discontinued component income tax expense income from discontinued operations net income earnings per share
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2018 ($ in 000s): Net sales $ 21,000 Cost of goods sold $ 12,000 Interest income 230 Selling and administrative expenses 2,800 Interest expense 410 Restructuring costs 1,100 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $1.9 million and a gain on disposal of the componentâs assets of $2.6 million. 600,000 shares of common stock were outstanding throughout 2018. Income tax expense has not yet been recorded. The income tax rate is 40% on all items of income (loss). Required: Prepare a multiple-step income statement for 2018, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places.)
Required:
Prepare a multiple-step income statement for 2018, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places.)
This is what I was able to get so far:
| sales revenue | 21000 | |
| cost of goods sold | 12000 | |
| gross profit | 9000 | |
| operating expense: | ||
| selling & administrative | 2800 | |
| restructuring cost | 1100 | |
| 3900 | ||
| operating income | 5100 | |
| interest income (expense), net | (180) | |
| income from continuing operations before income tax | 4920 | |
| income from continuing operations | 4920 | |
| discontinued operations | ||
| income from operations of discontinued component | ||
| income tax expense | ||
| income from discontinued operations | ||
| net income | ||
| earnings per share | ||
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Related questions
Rembrandt Paint Company had the following income statement itemsfor the year ended December 31, 2016 ($ 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.) |
