Rembrandt Paint Company had the following income statement items for the year ended December 31, 2024 ($ in thousands): Sales revenue $ 31,000 Cost of goods sold $ 17,000 Interest revenue 360 Selling and administrative expense 3,800 Interest expense 560 Restructuring costs 2,100 In addition, during the year, the company completed the disposal of its plastics business and incurred a loss from operations of $2.9 million and a gain on disposal of the component’s assets of $4.6 million. There were 600,000 shares of common stock outstanding throughout 2024. Income tax expense has not yet been recorded. The income tax rate is 25% on all items of income (loss). Questions 1. Prepare a multiple-step income statement for 2024, including EPS disclosures. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places.
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2024 ($ in thousands): Sales revenue $ 31,000 Cost of goods sold $ 17,000 Interest revenue 360 Selling and administrative expense 3,800 Interest expense 560 Restructuring costs 2,100 In addition, during the year, the company completed the disposal of its plastics business and incurred a loss from operations of $2.9 million and a gain on disposal of the component’s assets of $4.6 million. There were 600,000 shares of common stock outstanding throughout 2024. Income tax expense has not yet been recorded. The income tax rate is 25% on all items of income (loss). Questions 1. Prepare a multiple-step income statement for 2024, including EPS disclosures. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...
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Question
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2024 ($ in thousands):
| Sales revenue | $ 31,000 | Cost of goods sold | $ 17,000 |
|---|---|---|---|
| Interest revenue | 360 | Selling and administrative expense | 3,800 |
| Interest expense | 560 | Restructuring costs | 2,100 |
In addition, during the year, the company completed the disposal of its plastics business and incurred a loss from operations of $2.9 million and a gain on disposal of the component’s assets of $4.6 million. There were 600,000 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).
Questions
1. 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.
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