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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