Required 1. Beginning with the amount for net sales, prepare an income statement (showing both gross profit and income from operations). Treat sales discounts and sales returns and allowances as a contra-revenue. (Round "Earnings per share" to 2 declmal places.) Income Statement For the Year Ended 31, Current Year Net sales revenue S 147,700 Cost of goods sold Gross profit Operating expenses: 78,700 Selling expense Administrative expense Bad debt expense Income tax expense Bad debt expense Earnings per share on capital stock outstanding Financial Learning Objective: ook Air Check my work value: Required information 10.00 points 2. The beginning balance in Accounts Receivable (net) was $17,500. Compute the receivables turnover ratio. Receivables Turnover Ratio Numerator Denominator times ok Air F7 F8 F9 F10 F11 F12 Required 1. Beginning with the amount for net sales, prepare an income statement (showing both gross profit and income from operations). Treat sales discounts and sales returns and allowances as a contra-revenue. (Round "Earnings per share" to 2 declmal places.) Income Statement For the Year Ended 31, Current Year Net sales revenue S 147,700 Cost of goods sold Gross profit Operating expenses: 78,700 Selling expense Administrative expense Bad debt expense Income tax expense Bad debt expense Earnings per share on capital stock outstanding Financial Learning Objective: ook Air Check my work value: Required information 10.00 points 2. The beginning balance in Accounts Receivable (net) was $17,500. Compute the receivables turnover ratio. Receivables Turnover Ratio Numerator Denominator times ok Air F7 F8 F9 F10 F11 F12