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 11,000 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: Credit Debit $ 35,200 14,400 53,400 40,200 Account Titles Cash Accounts receivable (net) Inventory, ending Operational assets Accumulated depreciation Liabilities Capital stock Retained earnings, January 1, Sales revenue Sales returns and allowances Cost of goods sold Selling expense Administrative expense Bad debt expense Sales discounts Income tax expense Totals $ 17,300 25,000 72,000 19,680 148,800 Current Year 6,800 80,400 15,700 16,900 3,300 7,900 8,580 $ 282,780 $ 282,780 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: Total operating expenses 0 Earnings per share on capital stock outstanding