Prepare multiple-step income statement

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Reference no: EM131211697

Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016 ($ in 000s): Net sales $ 35,000 Cost of goods sold $ 19,000 Interest income 370 Selling and administrative expenses 4,200 Interest expense 690 Restructuring costs 2,500 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $3.3 million and a gain on disposal of the component’s assets of $5.4 million. 700,000 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.)

CAN NOT FIGURE OUT HOW TO ACCOUNT FOR : INCOME FROM OPERATIONS OF DISCONTiNUED COMPONENT AND INCOME TAX EXPENSE FOR IT.

Reference no: EM131211697

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