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 $ 18,000 100 Selling and administrative expense 300 Restructuring costs 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 $2 million. There were 500,000 shares of common stock outstanding throughout 2024. Income tax expense has not yet been recorded. The income tax rate is 25% on all items of Income (loss). Required: Prepare a multiple-step Income statement for 2024, including EPS disclosures. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places. Sales revenue Cost of goods sold Gross profit Operating expenses: Operating income Other income (expense): REMBRANDT PAINT COMPANY Income Statement For the Year Ended December 31, 2024 ($ in thousands, except per share amounts) Other income, net Income from continuing operations before income taxes Income from continuing operations Discontinued operations: Income on discontinued operations Net income Earnings per share: Net income $ 0 0 0 0 0 $ 10,500 2,500 800 0 0
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 $ 18,000 100 Selling and administrative expense 300 Restructuring costs 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 $2 million. There were 500,000 shares of common stock outstanding throughout 2024. Income tax expense has not yet been recorded. The income tax rate is 25% on all items of Income (loss). Required: Prepare a multiple-step Income statement for 2024, including EPS disclosures. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places. Sales revenue Cost of goods sold Gross profit Operating expenses: Operating income Other income (expense): REMBRANDT PAINT COMPANY Income Statement For the Year Ended December 31, 2024 ($ in thousands, except per share amounts) Other income, net Income from continuing operations before income taxes Income from continuing operations Discontinued operations: Income on discontinued operations Net income Earnings per share: Net income $ 0 0 0 0 0 $ 10,500 2,500 800 0 0
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 14P: Hunter Company purchased a light truck on January 2, 2019 for 18,000. The truck, which will be used...
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Transcribed Image Text: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
$ 18,000
100 Selling and administrative expense
300 Restructuring costs
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 $2 million. There were 500,000 shares of common stock outstanding
throughout 2024. Income tax expense has not yet been recorded. The income tax rate is 25% on all items of Income (loss).
Required:
Prepare a multiple-step Income statement for 2024, including EPS disclosures.
Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share.
Round EPS answers to 2 decimal places.
Sales revenue
Cost of goods sold
Gross profit
Operating expenses:
Operating income
Other income (expense):
REMBRANDT PAINT COMPANY
Income Statement
For the Year Ended December 31, 2024
($ in thousands, except per share amounts)
Other income, net
Income from continuing operations before income taxes
Income from continuing operations
Discontinued operations:
Income on discontinued operations
Net income
Earnings per share:
Net income
$
0
0
0
0
0
$ 10,500
2,500
800
0
0
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