Requlred Informetion AP6-4 (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.] Perry Corporation is a local grocery store organized seven years ago as a corporation. At that time, a total of 22,000 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 $17,200 and $19,200, respectively. Compute the eceivables turnover ratio