Maurice Tutor
$15/per page/Negotiable
Addison Corporation is currently going through a Chapter 11 bankruptcy. The company has the following account balances for the current year.
| Â | Debit | Credit | ||
| Advertising expense | $ | 47,000 | Â | Â |
| Cost of goods sold | Â | 234,000 | Â | Â |
| Depreciation expense | Â | 45,000 | Â | Â |
| Interest expense | Â | 3,000 | Â | Â |
| Interest revenue | Â | Â | $ | 35,000 |
| Loss on closing of branch | Â | 132,000 | Â | Â |
| Professional fees | Â | 94,000 | Â | Â |
| Rent expense | Â | 39,000 | Â | Â |
| Revenues | Â | Â | Â | 628,000 |
| Salaries expense | Â | 93,000 | Â | Â |
|
Prepare an income statement for this organization. The effective tax rate is 30 percent (realization of any tax benefits is anticipated). (Amounts to be deducted and losses should be indicated with minus sign, except individual expenses which should be entered as positive values.) |
| ADDISON CORPORATION Income Statement |
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| (Click to select) Rent expense Revenues Professional fees Cost of goods sold Interest expense Depreciation expense Advertising expense Salaries | Â | $ |
| Costs and expenses: | Â | Â |
| (Click to select) Salaries Advertising expense Interest expense Cost of goods sold Rent expense Depreciation expense Loss on closing of branch Professional fees | $ | Â |
| (Click to select) Professional fees Cost of goods sold Rent expense Depreciation expense Salaries Advertising expense Interest expense Loss on closing of branch | Â | Â |
| (Click to select) Interest expense Depreciation expense Loss on closing of branch Advertising expense Cost of goods sold Professional fees Salaries Rent expense | Â | Â |
| (Click to select) Salaries Depreciation expense Advertising expense Loss on closing of branch Professional fees Rent expense Interest expense Cost of goods sold | Â | Â |
| (Click to select) Depreciation expense Advertising expense Professional fees Interest expense Cost of goods sold Salaries Rent expense Loss on closing of branch | Â | Â |
| (Click to select) Cost of goods sold Professional fees Salaries Rent expense Depreciation expense Loss on closing of branch Advertising expense Interest expense | Â | Â |
| Â | ||
| Earnings before reorganization items and tax effects | Â | Â |
| Reorganization items: | Â | Â |
| (Click to select) Depreciation expense Rent expense Interest revenue Salaries Cost of goods sold Professional fees Advertising expense Loss on closing of branch | Â | Â |
| (Click to select) Salaries Depreciation expense Interest revenue Advertising expense Professional fees Loss on closing of branch Rent expense Cost of goods sold | Â | Â |
| (Click to select) Professional fees Advertising expense Loss on closing of branch Rent expense Interest revenue Cost of goods sold Depreciation expense Salaries | Â | Â |
| Â | ||
| (Click to select) Profit before income tax benefit Loss before income tax benefit | Â | Â |
| (Click to select) Revenues Loss on closing of branch Cost of goods sold Professional fees Rent expense Salaries Income tax benefit Interest revenue | Â | Â |
| Â | Â | |
| (Click to select) Net income Net loss | ||
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