Financial Accounting-w/cd-package
3rd Edition
ISBN: 9780131060876
Author: REIMERS
Publisher: PEARSON
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Chapter 10, Problem 43PA
1.
To determine
Prepare the income statement for the year ended September 30, 2011.
2.
To determine
Calculate the earnings per share of the company.
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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
Cost of goods sold
$ 12,000
$ 21,000
168 Selling and administrative expense
368 Restructuring costs
Interest expense
2,800
1,108
In addition, during the year, the company completed the disposal of its plastics business and incurred a loss from operations of $1.9
million and again on disposal of the component's assets of $2.6 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.
Gross profit
Operating expenses:
Operating income
Other income (expense):
REMBRANDT…
Accounting
Carey Corporation gathered the following information for the
fiscal year ended December 31, 2001:
Sales $1,500,000
Extraordinary fire 240,000
Selling and administrative expenses 160,000
Cost of goods sold 800,000
Loss on sale of equipment 40,000
Carey Corporation is subject to a 30% income tax rate.
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2011 ($ in 000s):
Net sales $18,000 Cost of goods sold $10,500
Interest income 200 Selling and administrative expenses 2,500
Interest expense 350 Restructuring costs 800
Extraordinary gain 3,000
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 2011. Income tax expense has not yet been accrued. The income tax rate is 30% on all items of income (loss).
Required:
Prepare a multiple-step income statement for 2011,
Chapter 10 Solutions
Financial Accounting-w/cd-package
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