Addison Corporation is currently going through a Chapter 11 bankruptcy reorganization. The company has the...
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Accounting
Addison Corporation is currently going through a Chapter 11 bankruptcy reorganization. The company has the following account balances for the current year. Debit Credit Advertising expense $ 47,000 Cost of goods sold 234,000 Depreciation expense 45,000 Interest expense 3,000 Interest revenue $ 35,000 Loss on closing of branch as part of reorganization 132,000 Professional fees 94,000 Rent expense 39,000 Revenues 628,000 Salaries expense 93,000 Prepare an income statement for this organization. The effective tax rate is 30 percent (realization of any tax benefits is anticipated).
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