Question
hello I need help with this question please. Thank you. Addison Corporation is currently going through a Chapter 11 bankruptcy. The company has the following
hello I need help with this question please. Thank you.
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 $41,000
Cost of goods sold $228,000
Depreciation expense $39,000
Interest expense $ 5,000
Interest revenue $39,000
Loss on closingreorganization$126,000
Professional fees $88,000
Rent expense $33,000
Revenues $586,000
Salaries expense $87,000
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. All other amounts should be entered as positive.)
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