1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Soloha48 [4]
3 years ago
11

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

venue $ 24,000 Cost of goods sold $ 13,500 Interest revenue 220 Selling and administrative expense 3,100 Interest expense 420 Restructuring costs 1,400 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $2.2 million and a gain on disposal of the component’s assets of $3.2 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.)
Business
1 answer:
Ugo [173]3 years ago
3 0

Answer:

<h2>           Rembrandt Paint Company</h2><h2>Income Statement - December 31, 2021</h2>

Sales revenues                                                        $24,000,000

- Cost of goods sold                                              <u> ($13,500,000)</u>

Gross margin                                                           $10,500,000

Operating expenses:

- Selling and adm. expenses             ($420,000)

- Restructuring costs                        ($1,400,000)

Total operating expenses                                        <u>($1,820,000)</u>

Income from operations                                          $8,620,000

Other revenue and expenses:

Gain on sales of assets                   $3,200,000  

Interest revenue                                 $220,000

Loss from discontinued oper.       ($2,200,000)

Interest expense                               ($420,000)

Total other revenue and expenses                             <u>$800,000</u>

Net income pre-tax                                                   $9,420,000

Income taxes (25%)                                                  <u>($2,355,000)</u>

Net income after taxes                                             $7,065,000

Shares outstanding                                                        600,000

Earnings per share (EPS)                                                    $11.78

   

You might be interested in
The balance sheet of ABC reports total assets of $400,000 and $450,000 at the beginning and end of the year, respectively. The r
zimovet [89]

Answer:

ABC net income for the year is $42,500

Explanation:

Beginning total assets = $400,000

Ending total assets = $450,000

Average total assets = Beginning total assets + Ending total assets ÷ 2

= ($400,000 + $450,000) ÷ 2

= $425,000

Return on assets = 10%

Therefore,

Net income ÷ Average total assets = Return on assets

Net income = Return on assets × Average total assets

Net income = 0.1 × Average total assets

= $425,000 × 0.1

= $42,500

7 0
3 years ago
Online gambling sites do a really good job with which of the following ? A. All the music the company’s play on theirs site B. P
Nikitich [7]
The answer would be C) because haha no its not D) because people today abuse gambling and as a result go to addiction and lose all their money. Not A) because any website can add any music or u can play music in the background. Not B) because that's incorrect.
6 0
3 years ago
The Federal Reserve manages the nation’s currency and money supply by manipulating interest rates and acting as a lender to bank
Tomtit [17]

Answer: Setting interest rates and acting as a lender to banks

Explanation: The Fed or the Federal reserve is a central banking authority in any nation. It is responsible for maintaining the money supply in the economy. Some of the functions performed by the central bank are,

a. Setting interest rates and acting as a lender to banks

b. Print currency notes and coins

c. Setting the repo and the reverse repo rates

d. Clearing inter bank payments.

Therefore, the correct option is Setting interest rates and acting as a lender to banks.

5 0
3 years ago
Read 2 more answers
Service processes usually have: Group of answer choices low levels of capital intensity. physical, durable output. output that c
34kurt

Answer:

low levels of capital intensity

6 0
3 years ago
Explain how each of the following would affect the quantity of money demanded, and indicate whether each change would cause a mo
sergiy2304 [10]

Answer:

a.) Increasing the opportunity cost of holding money, a high interest rate reduces the quantity of money demanded. This will lead to movement up and to the left along the money demand curve.

b.) A 10% fall in prices will reduce the quantity of money demanded at any given interest rate, which will cause the money demand curve to shift leftward.

c.) This technology change will reduce the quantity of money demanded at any given interest rate, so it will shift the money demand curve leftward.

d.) Payments in cash will require employers to hold more money which will increase the quantity of money demanded at any given interest rate, this will lead to shift in the money demand curve rightward.

I hope these helps, please give brainliest if it does.

4 0
3 years ago
Other questions:
  • The rationing function of prices refers to the fact that government must distribute any surplus goods that may be left in a comp
    11·1 answer
  • Larry Bar opened a frame shop and completed these transactions:1. Larry started the shop by investing $40,800 cash and equipment
    15·1 answer
  • Which of the following would shift a market labor supply curve to the left?
    6·1 answer
  • : In 2021, Garret Market remained fully open while conducting inventory, but in 2022 Garrett closed during inventory. In 2023, G
    14·2 answers
  • The assumption that in the absence of contrary information a business entity will continue indefinitely is the:
    8·1 answer
  • You are placing an order for printer paper for your office, and the supplier offers to
    15·1 answer
  • On September 30, 2021, Athens Software began developing a software program to shield personal computers from malware and spyware
    5·1 answer
  • There are advantages to doing business with just one vendor, and you should always stick to just one if you can
    15·1 answer
  • Sanders Inc. is a small brick manufacturer that uses the direct write-off method to account for uncollectible accounts. At the e
    13·1 answer
  • when a company provides superior value by leading its industry in price and convenience, it has obtained .
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!