ht Required Information P6-4 (Algo) Preparing an Income Statement and Computing the Recelvables Turnover Ratio with Discounts, Returns, and Bad Debts L06-1, 6-2, 6-3 [The following Information applies to the questions displayed below.) Tungsten Company, Inc., sells heavy construction equipment. There are 14,000 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 Titles Debit Credit Canh $ 34,600 Recounts receivable (net) 15,000 Inventory. ending 54,000 Operational assets 41,600 Accumulated depreciation $ 17,800 Liabilities 24,300 Capital stock 73,200 Retained earnings, January 1, Current Year 19,100 Sales revenue 147.400 Sales returns and allowances 6,100 Coat of goods sold 80,100 Belling expense 14,200 Administrative expense 17.000 Bad debt expense 2,100 Sales discounts 8,000 9, 180 Income tax expense 201,880 $281.00 Totale onces P6-4 Part 1 P6-4 Part 1 Required: 1. Beginning with the amount for net sales, prepare an income statement (showing both gross profit and income from operations) (Round "Earnings per share" to 2 decimal places.) TUNGSTEN COMPANY, INC. Income Statement For the Year Ended December 31, Current Year Operating expenses 0 Total operating expenses Earnings por share on capital stock outstanding Next >