Prepare an income statement for this organization

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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