Question
The following income statement items appeared on the adjusted trial balance of Foxworthy Corporation for the year ended December 31, 2016 ($ in 000s): Sales
The following income statement items appeared on the adjusted trial balance of Foxworthy Corporation for the year ended December 31, 2016 ($ in 000s):
Sales revenue, $22,300;
Cost of goods sold, $14,500;
Selling expenses, $2,300;
General and administrative expenses, $1,200;
Dividend revenue from investments, $200;
Interest expense, $300
The company's income tax rate is 40% on all items of income or loss. These revenue and expense items appear in the company's income statement every year. The company's controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2016 ($ in 000s). All transactions are material in amount.
1. Foxworthy had unrealized losses of $200 for the year on investments.
2. One of the company's factories was closed during the year. Restructuring costs incurred were $2,000.
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 $800 in 2016 prior to the sale, and its assets were sold at a loss of $1,800.
4. Foreign currency translation gains for the year totaled $600.
Required:
Prepare Foxworthy's partial income statement (starting from Income from continuing operations before income tax), including earnings per share (EPS) disclosures. Also prepare statement of comprehensive income for 2016.Two million shares of common stock were outstanding throughout the year.
Note: Please only useNUMBER(do not use comma or any other symbols), for example, 15000. If the number is negative, usenegative sign, for example, -15000. Please also make sure the spelling is correct when preparing the statment.
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