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for Hydraulic Systems Co. was as follows: Account Title Sales revenue.. Salaries expense.... Accumulated depreciation.... Account payable Allowance for uncollectible accounts.. Accounts receivable Debits Credits
for Hydraulic Systems Co. was as follows: Account Title Sales revenue.. Salaries expense.... Accumulated depreciation.... Account payable Allowance for uncollectible accounts.. Accounts receivable Debits Credits 1.155,000 180,000 390,000 120,000 15,000 255,000 Shareholders' Capital.... 735,000 Cash......... 39,000 Cost of goods sold... 720,000 Depreciation expense.. 90,000 Equipment.......... 1,050,000 Interest expense. 6,000 Inventory..... 225,000 Note payable (due in six 90,000 months)...... Rent expense... 45,000 Retained earnings.... 93,000 Salaries payable.. 12,000 TOTALS.. 2.610.000 2.610.000 60,000 shares of common stock were outstanding throughout 2020. The income tax rate is 16% Required: 1- Prepare a multiple-step income statement for 2020, including EPS disclosure
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