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Tungsten Company, Incorporated, sells heavy construction equipment. There are $13,000$ 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 TitlesDebitCreditCash$$33,800$ Accounts receivable $(net)15,800$ Inventory, ending$52,700$ Operational assets$41,800$ Accumulated depreciation $$17,400$Liabilities $24,100$Capital stock $73,700$Retained earnings, January $1,$ Current Year $15,780$Sales revenue $148,900$Sales returns and allowances$7,300$ Cost $of$ goods sold$79,300$ Selling expense$14,900$ Administrative expense$16,000$ Bad debt expense$1,700$ Sales discounts$7,400$ Income tax expense$9,180$ Totals$$279,880$$$279,880$

Required:

$1.$ Beginning with the amount for net sales, prepare $an$ income statement $(showing$ both gross profit and income from operations$).$

Note: Round "Earnings per share" $to2$ decimal places.

Required information

$[The$ following information applies $to$ the questions displayed below.$]$

Tungsten Company, Incorporated, sells heavy construction equipment. There are $13,000$ 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:

Required:

Beginning with the amount for net sales, prepare $an$ income statement $(showing$ both gross profit and income from operations$).$

Note: Round "Earnings per share" $to2$ decimal places.

TUNGSTEN COMPANY, INCORPORATED

Income Statement

For the Year Ended December $31,$ Current Year

The beginning balance $in$ Accounts Receivable $(net)$ was $$16,600.$ Compute the receivables turnover ratio.