The following statement of profit or loss items appeared on the adjusted trial

balance of Foxworthy Corporation for the year ended December 31, 2022 (P in
thousands):
sales revenue, P22,300;
cost of goods sold, P14,500;
selling expenses, P2,300;
general and administrative
expenses, P1,200;
dividend revenue from investments, P200;
interest expense, P300.

1. Income taxes have not yet been accrued. The company's income tax rate
is 40% on all items of income or loss.
2. These revenue and expense items appear in the company's statement of
profit or loss every year.
3. The company's controller, however, has asked for your help in determining
the appropriate treatment of the following nonrecurring transactions that
also occurred during 2022 (P in thousands). All transactions are material in
amount.

1. Investments were sold during the year at a loss of P300. Foxworthy also
had unrealized holding losses of P200 for the year on investments.
2. One of the company's factories was closed during the year.
Restructuring costs incurred were P2,000.
3. During the year, Foxworthy completed the sale of one of its operating
divisions that qualifies as a component of the entity according to IFRS
regarding discontinued operations. The division had incurred operating
profit of P800 in 2022 prior to the sale, and its assets were sold at a loss of
P1,800.
4. A foreign currency translation gain for the year totaled P600.

Required: Prepare Foxworthy's single, continuous statement of profit or

loss and other comprehensive income for 2022, including earnings per
share disclosures. Use the function of expense format. Two million
ordinary shares were outstanding throughout the year. 
 

Foxworthy Manufacturing Corporation

 Statement of Profit or Loss and Other Comprehensive Income
for the Year Ended December 31, 2022 (P in thousands)

Sales revenue   P22,300

Cost of goods sold   14,500
Gross profit   7,800
Operating expenses:    
 Selling P2,300  
 General and 1,200  
administrative
 Restructuring costs 2,000  
   Total operating   5,500
expenses
Operating profit   2,300
Other income (expense):    
 Loss on sales of (300)  
investments
 Interest expense (300)  
 Dividend revenue 200  
   Other income (expense)   (400)
Profit from continuing   1,900
operations before income
taxes
Income tax expense   760
Profit from continuing   1,140
operations
Discontinued operations:    
 Income from operations of    
discontinued component
   (including loss on (1,000)  
disposal of P1,800)
 Income tax benefit 400  
 Loss from discontinued   (600)
operations
Net profit   540
Other comprehensive    
income:
 Unrealized holding loss (120)  
from investments, net of
P80 tax
 Foreign currency 360 240