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Not sure what i am doing incorrectly and not able to determine earnings per share. thank you! Problem 4-6 Income statement presentation; Discontinued operations; EPS
Not sure what i am doing incorrectly and not able to determine earnings per share. thank you! Problem 4-6 Income statement presentation; Discontinued operations; EPS (LO4-1, 4-3, 4-4, 4-5] Rembrandt Paint Company had the following income statement items for the year ended December 31, 2018 ($ in 000s): Net sales $19,e0e Cost of goods sold Selling and administrative expenses Restructuring costs $11,eee 2,60e 900 Interest income Interest expense 21e 37e In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $1.7 million and a gain on disposal of the component's assets of $2.2 million. 400,000 shares of common stock were outstanding throughout 2018. Income tax expense has not yet been recorded. The income tax rate is 40 % on all Items of Income (loss). Required: Prepare a multiple-step income statement for 2018, including EPS disclosures. (Any amounts to be deducted, including expenses, should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places.) REMBRANDT PAINT COMPANY Income Statement For the Year Ended December 31, 2018 (S in thousands, except per share amounts) 19,000 Sales revenue (11.000) 8,000 Cost of goods sold Gross profit Operating expenses Selling and administrative S (2,600) mCome otatemeI For the Year Ended December 31, 2018 ($ in thousands, except per share amounts) 19,000 $ Sales revenue (11,000) 8,000 Cost of goods sold www. Gross profit www.w Operating expenses (2,600) (900) (370) Selling and administrative $ Restructuring costs Interest income (expense), net (3,870) Total operating expenses 4,130 Operating income Interest income (expense), net Income from continuing operations before income taxes ncome tax expense 210 3,920 (1,736) Income from continuing operations Discontinued operations 2,184 Income from operations of discontinued component (1,020) Income from discontinued operations 1,320 Net income 3,504 Earnings per share: ncome from continuing operations Income from discontinued operations Net income
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