Intermediate Accounting ACCT 3201 Spring 2016 Comprehensive Final (Chapters 10&11)
1. Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016 ($ in 000s):
In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $1.9 million and a gain on disposal of the component’s assets of $2.6 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).
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.)
2. Santana Industries
3. HHD Inc.
**Complete questions in the attachment