P6-4 (Algo) Preparing an Income Statement and Computing the Receivables Turnover Ratio with Discounts, Returns, and Bad Debts LO6-1, 6-2, 6-3 The following information applies to the questions displayed below) Tungsten Company, Inc, sells heavy construction equipment. There are 12.000 shares of capital stock outstanding. The annual fiscal period ends on December 31. The following condensed trial balance was taken from the general ledger on December 31, Current Year Credit Debit $ 35,400 16.900 53,500 41.000 Account Titles Canh Accounts receivable (net) Inventory, ending Operational arts Accumulated depreciation Isabilities Capital stock Hetained earnings. January 1, Current Year fales revenge tales return and allowances cout of goods sold Bling expense Administrative expense Bad debt wxpense Sales discount In tax expense Total $ 17,600 24,300 72,900 20,600 14,900 6.200 80,000 14.700 16,400 3,200 1,400 5204,300 6384,30 P6.4 Part 1 1. Beginning with the amount forket sales, prepare an income statement (showing both gross profit and income from operations) (Round "Earnings per share to 2 decimal places.) TUNGSTEN COMPANY, INC Income Statement For the Year Ended December 31. Current Year P6-4 Part 1 Required: 1. Beginning with the amount for net sales, prepare an income statement (showing both gross profit and income from (Round "Earnings per share" to 2 decimal places.) TUNGSTEN COMPANY, INC. Income Statement For the Year Ended December 31, Current Year Operating expenses: Total operating expenses 0 Earnings per share on capital stock outstanding Required information P6-4 (Algo) Preparing an Income Statement and Computing the Receivables Turnover Ratio with Discounts, Returns, and Bad Debts LO6-1, 6-2, 6-3 [The following information applies to the questions displayed below) Tungsten Company, Inc., sells heavy construction equipment. There are 12,000 shares of capital stock outstanding. The annual fiscal period ends on December 31. The following condensed trial balance was taken from the general ledger on December 31, Current Year: Account Titles Debit Credit Cash $ 35,400 Accounts receivable (net) 16,300 Inventory, ending 53,500 Operational assets 41,000 Accumulated depreciation $ 17,600 Liabilities 24,300 Capital stock 72.900 Retained earnings, January 1, Current Year 20,680 Sales revenue 148.900 Sales returns and allowances 6,200 cost of goods sold 80,000 Selling expense 14,700 Administrative expense 16.400 Dad debt expense 3,200 Gales discounts 8,400 Income tax expense 9,280 Totals $ 284,380 $284,380 P6-4 Part 2 2. The beginning balance in Accounts Receivable (net) was $16,900. Compute the receivables turnover ratio. Receivables Turnover Ratio Numerator Denominator times