Recuired information APS-4 (Algo) Preparing an Income Statement and Computing the Recelvables Turnover Ratio with Discounts, Returns, and Bad Debts LO6-1, 6-2, 6-3 [The following information applies to the questions displayed below.] Pery Corporation is a local grocery store organized seven years ago as a corporation. At that time, a total of 30,000 shares of common stock were issued to the three organizers. The store is in an excellent location and sales have increased each year. At the end of the current year, the bookkeeper prepared the following statement (assume that all amounts are correct; note the incorrect terminology and format): Required: 1. Beginning with the amount of net sales, prepare an income statement (showing both gross profit and income from operations). Nhto. Phund "Farninne ner chare" to 2 decimal olaces. Required information AP6-4 (Algo) Preparing an Income Statement and Computing the Recelvables Turnover Ratio with Discounts, Returns, and Bad Debts LO6-1, 6-2, 6-3 [The following information applies to the questions displayed below.] Perry Corporation is a local grocery store organized seven years ago as a corporation. At that time, a total of 30,000 shares of common stock were issued to the three organizers. The store is in an excellent location and sales have increased each year. At the end of the current year, the bookkeeper prepared the following statement (assume that all amounts are correct; note the incorrect terminology and format): AP6-4 Part 2 2. The beginning and ending balances in accounts receivable were $18,000 and $20,000, respectively. Compute the receivables turnover ratio