es Rembrandt Paint Company had the following income statement items for the year ended December 31, 2024 ($ in thousands): Sales revenue Interest revenue Interest expense $ 32,000 380 580 Cost of goods sold Selling and administrative expense Restructuring costs. $ 17,500 3,900 2,200 In addition, during the year, the company completed the disposal of its plastics business and incurred a loss from operations of $3 million and a gain on disposal of the component's assets of $4.8 million. There were 700,000 shares of common stock outstanding throughout 2024. Income tax expense has not yet been recorded. The income tax rate is 25% on all items of income (loss). Required: Prepare a multiple-step income statement for 2024, including EPS disclosures. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places. REMBRANDT PAINT COMPANY Income Statement For the Year Ended December 31, 2024 ($ in thousands, except per share amounts)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Rembrandt Paint Company had the following income statement items for the year ended December 31, 2024 ($ in thousands):
Cost of goods sold
Sales revenue
Interest revenue
Interest expense
380 Selling and administrative expense
580 Restructuring costs
$ 17,500
3,900
2,200
$ 32,000
In addition, during the year, the company completed the disposal of its plastics business and incurred a loss from operations of $3
million and a gain on disposal of the component's assets of $4.8 million. There were 700,000 shares of common stock outstanding
throughout 2024. Income tax expense has not yet been recorded. The income tax rate is 25% on all items of income (loss).
Required:
Prepare a multiple-step income statement for 2024, including EPS disclosures.
Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share.
Round EPS answers to 2 decimal places.
REMBRANDT PAINT COMPANY
Income Statement
For the Year Ended December 31, 2024
($ in thousands, except per share amounts)
Transcribed Image Text:ces Rembrandt Paint Company had the following income statement items for the year ended December 31, 2024 ($ in thousands): Cost of goods sold Sales revenue Interest revenue Interest expense 380 Selling and administrative expense 580 Restructuring costs $ 17,500 3,900 2,200 $ 32,000 In addition, during the year, the company completed the disposal of its plastics business and incurred a loss from operations of $3 million and a gain on disposal of the component's assets of $4.8 million. There were 700,000 shares of common stock outstanding throughout 2024. Income tax expense has not yet been recorded. The income tax rate is 25% on all items of income (loss). Required: Prepare a multiple-step income statement for 2024, including EPS disclosures. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places. REMBRANDT PAINT COMPANY Income Statement For the Year Ended December 31, 2024 ($ in thousands, except per share amounts)
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