Question
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016 ($ in 000s): Net sales $ 23,000 Cost of
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016 ($ in 000s): |
Net sales | $ | 23,000 | Cost of goods sold | $ | 13,000 |
Interest income | 250 | Selling and administrative expenses | 3,000 | ||
Interest expense | 450 | Restructuring costs | 1,300 | ||
In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $2.1 million and a gain on disposal of the components assets of $3.0 million. 500,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been recorded. The income tax rate is 30% 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.) |
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