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The following income statement items appeared on the adjusted trial balance of Foxworthy Corporation for the year ended December 31, 2021 ($ in 000s): sales
The following income statement items appeared on the adjusted trial balance of Foxworthy Corporation for the year ended December 31, 2021 ($ in 000s): sales revenue, $23,300; cost of goods sold, $15,000; selling expense, $2,400; general and administrative expense, $1,300; dividend revenue from investments, $300; interest expense, $400. Income taxes have not yet been accrued. The company's income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company's income statement every year. The company's controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2021 ($ in 000s). All transactions are material in amount. 1. Investments were sold during the year at a loss of $400. Foxworthy also had an unrealized loss of $300 for the year on investments. The unrealized loss represents a decrease in the fair value of debt securities and is classified as part of other comprehensive income. 2. One of the company's factories was closed during the year. Restructuring costs incurred were $3,000. 3. During the year, Foxworthy completed the sale of one of its operating divisions that qualifies as a component of the entity according to GAAP regarding discontinued operations. The division had incurred operating income of $900 in 2021 prior to the sale, and its assets were sold at a loss of $1,600. 4. A positive foreign currency translation adjustment for the year totaled $500. Required: Prepare Foxworthy's single, continuous statement of comprehensive income for 2021, including earnings per share disclosures. Use a multiple-step income statement format. Three million shares of common stock were outstanding throughout the year. (Enter your answers in thousands of dollars, except earnings per share. Amounts to be deducted should be indicated with a minus sign. Round Earnings per share answers to 2 decimal places.) FOXWORTHY CORPORATION Statement of Comprehensive Income For the Year Ended December 31, 2021 ($ in 000s) Sales revenue Cost of goods sold Gross profit Operating expenses: Selling expense General and administrative expense Restructuring costs Total operating expenses Operating income Other income (expense): Loss on sale of investments Interest expense Interest revenue Total other income, net Income from continuing operations before income taxes Income tax expense Income from continuing operations Discontinued operations: Income tax expense Loss on discontinued operations Net income Other comprehensive income (net of tax) Total Other comprehensive income 0 0 0 0 0 0 0 0 Interest expense Interest revenue Total other income, net Income from continuing operations before income taxes Income tax expense Income from continuing operations 0 0 0 Discontinued operations: Income tax expense Loss on discontinued operations Net income Other comprehensive income (net of tax) Total Other comprehensive income Comprehensive income Earnings per share: Income from continuing operations Discontinued operations Net income (loss) 0 0 0 0
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