(Answered) Problem - addison corporation is currently going through a

Accounting

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

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