Problem 4-1

The following is a partial trial balance for Apex Computer Corporation as of December 31, 2016:

Apex Computer Corporation Partial Trial Balance December 31, 2016

Account Title	Debits	Credits
Sales Revenue		3,400,000
Interest Revenue		35,000
Gain on sale of investments		30,000
Cost of goods sold	2,250,000
Restructuring costs	400,000
Administrative expense	450,000
Selling expense	150,000
Interest expense	20,000

500,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been accrued. The income tax rate is 40%.

Requirements

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1. Prepare a single-step income statement for 2016, including EPS disclosure.

2. Prepare a multiple-step income statement for 2016, including EPS disclosure.

Student Name: Class: Problem 04-06 mo REMBRANDT PAINT COMPANY Income Statement For the year ended December 31, 2021 10 11 12 13 14 15 16 17 18 ($ in thousands, except per share amounts) Sales revenue Cost of goods sold Gross profit Operating expenses: Selling and administrative expense Restructuring costs Operating income Other income (expense): Interest revenue Interest expense Other income, net Income from continuing operations before income taxes Income tax expense Income from continuing operations Discontinued operations: Income from operations of discontinued component Income tax expense Income on discontinued operations Net income 21 500 shares Earnings per share: Income from continuing operations Income from discontinued operations Net income