Addison Corporation is currently going through a Chapter 11 bankruptcy. The company has the following account balances for the current year. Prepare an income statement for this organization. The effective tax rate is 20 percent (realization of any tax benefits is anticipated).
| Debit | Credit |
Advertising expense | $ 24,000 |
|
Cost of goods sold | 211,000 |
|
Depreciation expense | 22,000 |
|
Interest expense | 4,000 |
|
Interest revenue |
| $ 32,000 |
Loss on closing of branch | 109,000 |
|
Professional fees | 71,000 |
|
Rent expense | 16,000 |
|
Revenues |
| 467,000 |
Salaries expense | 70,000 |
|
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