Question: 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

Addison 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 percent (realization of any tax benefits isanticipated).

Debit Credit Advertising expense . Cost of goods sold. Depreciation expense . Interest expense 24,000 211,000 22,000 4,000 32,000 Professional fees.. Rent expense Revenues 109,000 71,000 16,000 467,000 Salaries expense... 70,000

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