REMBRANDT PAINT COMPANY
Income Statement
For the year ended December 31, 2016
($ in thousands, except per share amounts)
Sales revenue
Cost of goods sold
Gross profit
Operating expenses:
Selling and administrative
Restructuring costs
Operating income
Interest income (expense), 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
Earnings per share:	500	shares
Income from continuing operations before extraordinary item
Income from discontinued operations
Net income

REMBRANDT PAINT COMPANY

Income statement items,

year ended 12/31/2016 ($ in thousands):

Net sales

$18,000

Interest income

200

Interest expense

350

Cost of goods sold

10,500

Selling and administrative expenses

2,500

Restructuring costs

800

Loss from operations on plastics business

$1,600,000

Gain on disposal of component's assets

$2,000,000

Shares of common stock outstanding in 2016

500,000

Income tax rate

30%

In addition during the year the company completed the disposal of its plastics business and incurred a loss from operations of 1.6 million and a gain on disposal of the components assets of 2 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)