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 %
Debit credit
Advertising exp 24000
Cost of goods sold 211000
Depreciation exp 22000
Interest exp 4000
Interest revenue 32000cr
Lost on closing branch 109000
Professional fees 71000
Rent exp 16000
Revenues 467000cr
Salaries exp 70000