Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016 ($ in 000s): $18,000 $10,500 2,500 Net sales Cost of goods sold Selling and administrative expenses Restructuring costs Interest income 200 Interest expense 350 800 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $1.6 million and a gain on disposal of the component's assets of $2 million. 500,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been recorded. The income tax rate is 30% on all items of income (loss).
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016 ($ in 000s): $18,000 $10,500 2,500 Net sales Cost of goods sold Selling and administrative expenses Restructuring costs Interest income 200 Interest expense 350 800 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $1.6 million and a gain on disposal of the component's assets of $2 million. 500,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been recorded. The income tax rate is 30% on all items of income (loss).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Required: Prepare a multiple-step income statement for 2016, including EPS disclosures.
Transcribed Image Text:Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016
($ in 000s):
$18,000
$10,500
2,500
Net sales
Cost of goods sold
Selling and administrative expenses
Restructuring costs
Interest income
200
Interest expense
350
800
In addition, during the year the company completed the disposal of its plastics business and incurred a loss
from operations of $1.6 million and a gain on disposal of the component's assets of $2 million. 500,000 shares
of common stock were outstanding throughout 2016. Income tax expense has not yet been recorded. The income
tax rate is 30% on all items of income (loss).
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