Addison Corporation is currently going through a Chapter 11 bankruptcy. The company has the following...
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Accounting
| Addison Corporation is currently going through a Chapter 11 bankruptcy. The company has the following account balances for the current year. |
| Debit | Credit | |||
| Advertising expense | $ | 43,000 | ||
| Cost of goods sold | 230,000 | |||
| Depreciation expense | 41,000 | |||
| Interest expense | 7,000 | |||
| Interest revenue | $ | 41,000 | ||
| Loss on closing of branch | 128,000 | |||
| Professional fees | 90,000 | |||
| Rent expense | 35,000 | |||
| Revenues | 600,000 | |||
| Salaries expense | 89,000 | |||
| Prepare an income statement for this organization. The effective tax rate is 20 percent (realization of any tax benefits is anticipated). (Negative amounts under "Reorganization items" should be indicated by a minus sign.) |
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