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Required information P6-4 (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.] Tungsten Company, Inc., sells heavy construction equipment. There are 10,000 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: 1. Beginning with the amount for net sales, prepare an income statement (showing both gross profi operations). (Round "Earnings per share" to 2 decimal places.) 2. The beginning balance in Accounts Receivable (net) was $17,300. Compute the receivables turnover ratio