Rembrandt Paint Company had the following income statement items for the year ended December 31, 2024 ($ in thousands): Sales revenue Interest revenue Interest expense $ 14,500 3,300 1,600 $ 26,000 Cost of goods sold 260 Selling and administrative expense 460 Restructuring costs In addition, during the year, the company completed the disposal of its plastics business and incurred a loss from operations of $2.4 million and a gain on disposal of the component's assets of $3.6 million. There were 600,000 shares of common stock outstanding throughout 2024. Income tax expense has not yet been recorded. The income tax rate is 25% on all items of income (loss). Required: Prepare a multiple-step income statement for 2024, including EPS disclosures. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places.
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2024 ($ in thousands): Sales revenue Interest revenue Interest expense $ 14,500 3,300 1,600 $ 26,000 Cost of goods sold 260 Selling and administrative expense 460 Restructuring costs In addition, during the year, the company completed the disposal of its plastics business and incurred a loss from operations of $2.4 million and a gain on disposal of the component's assets of $3.6 million. There were 600,000 shares of common stock outstanding throughout 2024. Income tax expense has not yet been recorded. The income tax rate is 25% on all items of income (loss). Required: Prepare a multiple-step income statement for 2024, including EPS disclosures. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Rembrandt Paint Company had the following income statement items for the year ended December 31, 2024 ($ in thousands):
Sales revenue
Interest revenue
$ 14,500
3,300
1,600
Interest expense
Cost of goods sold
260 Selling and administrative expense
460 Restructuring costs
$ 26,000
In addition, during the year, the company completed the disposal of its plastics business and incurred a loss from operations of $2.4
million and a gain on disposal of the component's assets of $3.6 million. There were 600,000 shares of common stock outstanding
throughout 2024. Income tax expense has not yet been recorded. The income tax rate is 25% on all items of income (loss).
Gross profit
Required:
Prepare a multiple-step income statement for 2024, including EPS disclosures.
Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share.
Round EPS answers to 2 decimal places.
REMBRANDT PAINT COMPANY
Income Statement
For the Year Ended December 31, 2024
($ in thousands, except per share amounts)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc86209d4-93d4-4beb-bc5a-8f42e16b7c0f%2F78b2a958-e882-47f8-ba0d-85c8994e635c%2F9mj4dyp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Rembrandt Paint Company had the following income statement items for the year ended December 31, 2024 ($ in thousands):
Sales revenue
Interest revenue
$ 14,500
3,300
1,600
Interest expense
Cost of goods sold
260 Selling and administrative expense
460 Restructuring costs
$ 26,000
In addition, during the year, the company completed the disposal of its plastics business and incurred a loss from operations of $2.4
million and a gain on disposal of the component's assets of $3.6 million. There were 600,000 shares of common stock outstanding
throughout 2024. Income tax expense has not yet been recorded. The income tax rate is 25% on all items of income (loss).
Gross profit
Required:
Prepare a multiple-step income statement for 2024, including EPS disclosures.
Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share.
Round EPS answers to 2 decimal places.
REMBRANDT PAINT COMPANY
Income Statement
For the Year Ended December 31, 2024
($ in thousands, except per share amounts)
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