P6-4 Preparing an Income Statement and Computing the Receivables Turnover Ratio with Discounts, Returns, and Bad Debts LO6-1, 62, 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: wie Rumand 1. 2000 points 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.) TUNGSTEN COMPANY INC P6-4 Preparing an Income Statement and Computing the Receivables Turnover Ratio with Discounts, Returns, and Bad Debts LO6-1, 62, 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: wie Rumand 1. 2000 points 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.) TUNGSTEN COMPANY INC