1 answer

Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021...

Question:

Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands):

Sales revenue $ 29,000 Cost of goods sold $ 16,000
Interest revenue 320 Selling and administrative expense 3,600
Interest expense 520 Restructuring costs 1,900

In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $2.7 million and a gain on disposal of the component’s assets of $4.2 million. 600,000 shares of common stock were outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25% on all items of income (loss).

Required: Prepare a multiple-step income statement for 2021, 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.)


Answers

Rembrandt Paint Company
Income Statement
At December 31, 2021
Sales revenue 29,000
Cost of goods sold -16,000
Gross profit 13,000
Operating expenses:
Selling and administrative expense -3,600
Total Operating expenses -3,600
Operating Profit 9,400
Other revenues and expenses:
Interest revenue 320
Other expenses:
Interest expense -520
Restructuring costs -1,900
Total other revenues and expenses -2,100
Income before taxes 7,300
Income tax ( Income before taxes x tax rate, 7,300 x 25%) -1,825
Income from continuing operations 5,475
Discontinued operations:
Loss on operation of discontinued operations net of taxes {2,700- (2,700 x 25%)} -2,025
Gain on disposal of discontinued operations,net of taxes {4,200- 4,200 x 25%)} 3,150
Net Income 6,600
Earning per share ( Net Income / Number of common shares) (6,600,000/600,000) $11.00

Kindly comment if you need further assistance. Thanks‼!

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