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$[$The following information applies to the questions displayed below.$]$

Tungsten Company, Incorporated, 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:

The beginning balance in Accounts Receivable $($net$)$ was $$17,900.$ Compute the receivables turnover ratio.

$[$The following information applies to the questions displayed below.$]$

Tungsten Company, Incorporated, 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:

Required:

Beginning with the amount for net sales, prepare an income statement $($showing both gross profit and income from operations$).$

Note: Round "Earnings per share" to $2$ decimal places.