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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 13,500 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: Credit Debit $ 34,300 14,500 53,700 40,600 Account Titles Cash 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 $ 18,100 25,800 73,500 15, 380 147,900 7,600 78,900 15, 200 15,800 2,700 8,300 9,080 $ 280, 680 $ 280, 680 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.) Answer is complete but not entirely correct. TUNGSTEN COMPANY, INC. Income Statement For the Year Ended December 31, Current Year Net sales revenue $ 132,700 Cost of goods sold (78,900) UN 53,800 X Gross profit Operating expenses: Selling expense Administrative expense $ COOL 15,200 15,800 CC Bad debt expense 2,700 Total operating expenses Income from operations 33,700 20,100 9,080 Income tax expense Net income $ 11,020 X Earnings per share on capital stock outstanding $ 0.82 X