Problem - Addison Corporation is currently going through a chapter 11 banruptcy. The company has the following account balance. Prepare an income statement for this organization. The effective tax rate is 20% (realization of any tax benefits is anticipated).
Advertising expense $24,000 debit
Cost of goods sold 211,000
Depreciation expense 22,000
Interest expense 4,000
Interest revenue 32,000 credit
Loss on closing branch 109,000 debit
Professional fees 71,000
Rent expense 16,000
Revenues 467,000 credit
Salaries expense 70,000 debit