P6-4 Preparing an Income Statement and Computing the Receivables Turnover Ratio with Discounts, Returns, and Bad Debts L06 162 63 The following information applies to the questions displayed below) Tungsten Company, Inc., sells heavy construction equipment. There are 12.500 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: P6-4 Part 1 Required: 1. Beginning with the amount for net sales, prepare an income statement showing both gross profit and income from operations). Treat sales discounts and sales returns and allowances as a contra-revenue Round "Earnings per share to 2 decimal places.) Check my work Check my work Required information 20.00 points P6-4 Part 2 2. The beginning balance in Accounts Receivable (net) was $16,300. Compute the receivables turnover ratio. Receivables Turnover Ratio Numerator Denominator P6-4 Preparing an Income Statement and Computing the Receivables Turnover Ratio with Discounts, Returns, and Bad Debts L06 162 63 The following information applies to the questions displayed below) Tungsten Company, Inc., sells heavy construction equipment. There are 12.500 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: P6-4 Part 1 Required: 1. Beginning with the amount for net sales, prepare an income statement showing both gross profit and income from operations). Treat sales discounts and sales returns and allowances as a contra-revenue Round "Earnings per share to 2 decimal places.) Check my work Check my work Required information 20.00 points P6-4 Part 2 2. The beginning balance in Accounts Receivable (net) was $16,300. Compute the receivables turnover ratio. Receivables Turnover Ratio Numerator Denominator