Realization of any tax benefits is anticipated

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Reference no: EM131356694

Addison Corporation is currently going through chapter 11 bankruptcy. The company has the following account balances for the current year.

Debit Credit

Advertising expense $ 36,000

Cost of goods sold 223,000

Depreciation expense 34,000

Interest expense 8,000

Interest revenue $ 44,000

Loss on closing of Branch 121,000

Professional fees 83,000

Rent expense 28,000

Revenues 551,000

Salaries expense 82,000

Prepare an income statement for this organization. The effective tax rate is 30 percent (realization of any tax benefits is anticipated.) (Negative amounts under "Reorganization items" should be indicated by a minus sign.)

Reference no: EM131356694

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