FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 $2.6 million. There were 600,000 shares of common stock outstanding
throughout 2024. Income tax expense has not yet been recorded. The income tax rate is 25% on all items of income (loss).
Required:
Prepare a multiple-step income statement for 2024, including EPS disclosures.
Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share.
Round EPS answers to 2 decimal places.
Gross profit
Operating expenses:
Operating income
Other income (expense):
REMBRANDT PAINT COMPANY
Income Statement
For the Year Ended December 31, 2024
($ 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
S
0
0
0
0
0
0
0
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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): 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 $2.6 million. There were 600,000 shares of common stock outstanding throughout 2024. Income tax expense has not yet been recorded. The income tax rate is 25% on all items of income (loss). Required: Prepare a multiple-step income statement for 2024, including EPS disclosures. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places. Gross profit Operating expenses: Operating income Other income (expense): REMBRANDT PAINT COMPANY Income Statement For the Year Ended December 31, 2024 ($ 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 S 0 0 0 0 0 0 0
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