Question
In: Accounting
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016...
|
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 component’s assets of $2.4 million. 600,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been recorded. The income tax rate is 40% on all items of income (loss). |
| Required: |
|
Prepare a multiple-step income statement for 2016, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places.) |
Solutions
ekkarill92 answered 11 months agoRelated Solutions
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016...
Rembrandt Paint Company had the following income statement items
for the year ended December 31, 2016 ($ in 000s):
Net sales
$
34,000
Cost of goods
sold
$
18,500
Interest income
360
Selling and
administrative expenses
4,100
Interest
expense
670
Restructuring
costs
2,400
In addition, during the year
the company completed the disposal of its plastics business and
incurred a loss from operations of $3.2 million and a gain on
disposal of the component’s assets of $5.2 million. 600,000 shares...
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016...
Rembrandt Paint
Company had the following income statement items for the year ended
December 31, 2016 ($ 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 component’s assets of $2.4 million. 600,000 shares...
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2018...
Rembrandt Paint Company had the following income statement items
for the year ended December 31, 2018 ($ in 000s): Net sales $
31,000 Cost of goods sold $ 17,000 Interest income 330 Selling and
administrative expenses 3,800 Interest expense 610 Restructuring
costs 2,100 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 $4.6 million. 600,000 shares...
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2018...
Rembrandt Paint Company had the following income statement items
for the year ended December 31, 2018 ($ in 000s):
Net sales
$
33,000
Cost of goods sold
$
18,000
Interest income
350
Selling and administrative
expenses
4,000
Interest expense
650
Restructuring costs
2,300
In addition, during the year the company completed the disposal of
its plastics business and incurred a loss from operations of $3.1
million and a gain on disposal of the component’s assets of $5.0
million. 600,000...
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2018...
Rembrandt Paint Company had the following income statement items
for the year ended December 31, 2018 ($ in 000s): Net sales $
27,000 Cost of goods sold $ 15,000 Interest income 290 Selling and
administrative expenses 3,400 Interest expense 530 Restructuring
costs 1,700 In addition, during the year the company completed the
disposal of its plastics business and incurred a loss from
operations of $2.5 million and a gain on disposal of the
component’s assets of $3.8 million. 600,000 shares...
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2018...
Rembrandt Paint Company had the following income statement items
for the year ended December 31, 2018 ($ in 000s):
Net sales
$
27,000
Cost of goods sold
$
15,000
Interest income
290
Selling and administrative
expenses
3,400
Interest expense
530
Restructuring costs
1,700
In addition, during the year the company completed the disposal of
its plastics business and incurred a loss from operations of $2.5
million and a gain on disposal of the component’s assets of $3.8
million. 600,000 shares...
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2018...
Rembrandt Paint Company had the following income statement items
for the year ended December 31, 2018 ($ in 000s):
Net sales
$
30,000
Cost of goods sold
$
16,500
Interest income
320
Selling and administrative expenses
3,700
Interest expense
590
Restructuring costs
2,000
In addition, during the year the company completed the disposal of
its plastics business and incurred a loss from operations of $2.8
million and a gain on disposal of the component’s assets of $4.4
million. 600,000 shares...
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands):
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands):
Sales revenue ............................................$18,000Interest revenue ...............................................100Interest expense ...............................................300Cost of goods sold .......................................10,500Selling and administrative expense ............2,500Restructuring costs ..........................................800
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 component’s assets of $2 million. There were 500,000 shares of common stock outstanding throughout 2021. Income...
Ansara Company had the following abbreviated income statement for the year ended December 31, 20Y2: (in...
Ansara Company had the following abbreviated income statement
for the year ended December 31, 20Y2: (in millions) Sales $18,769
Cost of goods sold $15,471 Selling, administrative, and other
expenses 2,049 Total expenses $17,520 Income from operations $1,249
Assume that there were $3,860 million fixed manufacturing costs and
$1,170 million fixed selling, administrative, and other costs for
the year. The finished goods inventories at the beginning and end
of the year from the balance sheet were as follows: January 1
$2,354...
Ansara Company had the following abbreviated income statement for the year ended December 31, 20Y2: (in...
Ansara Company had the following abbreviated income statement
for the year ended December 31, 20Y2: (in millions) Sales $18,769
Cost of goods sold $15,471 Selling, administrative, and other
expenses 2,049 Total expenses $17,520 Income from operations $1,249
Assume that there were $3,860 million fixed manufacturing costs and
$1,170 million fixed selling, administrative, and other costs for
the year. The finished goods inventories at the beginning and end
of the year from the balance sheet were as follows: January 1
$2,354...
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