Question
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2018 ($ in 000s): Net sales$31,000Cost of goods sold$17,000Interest income330Selling
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2018 ($ in 000s):
Net sales$31,000Cost of goods sold$17,000Interest income330Selling and administrative expenses3,800Interest expense610Restructuring costs2,100
In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $2.9 million and a gain on disposal of the component's assets of $4.6 million. 600,000 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 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.)
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