Question
Problem 4-6 Income statement presentation [LO4-1, 4-3, 4-4, 4-5] Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016
Problem 4-6 Income statement presentation [LO4-1, 4-3, 4-4, 4-5]
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016 ($ in 000s): |
Net sales | $ | 20,000 | Cost of goods sold | $ | 11,500 |
Interest income | 220 | Selling and administrative expenses | 2,700 | ||
Interest expense | 390 | Restructuring costs | 1,000 | ||
In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $1.8 million and a gain on disposal of the components assets of $2.4 million. 600,000 shares of common stock were outstanding throughout 2016. 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 2016, including EPS disclosures. (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.) Please help with items to debit and credit. Thanks! |
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