Tungsten Company, Incorporated, sells heavy construction equipment. There are 11,500 shares of capital stock outstanding. The...

 

Transcribed Image Text:

Tungsten Company, Incorporated, sells heavy construction equipment. There are 11,500 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: Cash Account Titles Accounts receivable (net) Inventory, ending Operational assets Accumulated depreciation Liabilities Capital stock Retained earnings, January 1, Current Year Sales revenue Sales returns and allowances Cost of goods sold Selling expense Administrative expense Bad debt expense Sales discounts Income tax expense Totals Debit $33,900 Credit 16,100 52,900 41,900 $18,600 24,700 73,100 17,380 148,900 7,200 79,800 14,100 17,000 3,500 7,700 8,580 $282,680 $282,680 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" to 2 decimal places. Tungsten Company, Incorporated, sells heavy construction equipment. There are 11,500 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: Cash Account Titles Accounts receivable (net) Inventory, ending Operational assets Accumulated depreciation Liabilities Capital stock Retained earnings, January 1, Current Year Sales revenue Sales returns and allowances Cost of goods sold Selling expense Administrative expense Bad debt expense Sales discounts Income tax expense Totals Debit $33,900 Credit 16,100 52,900 41,900 $18,600 24,700 73,100 17,380 148,900 7,200 79,800 14,100 17,000 3,500 7,700 8,580 $282,680 $282,680 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" to 2 decimal places.