Required information (The following information applies to the questions displayed below.) Tungsten Company, Inc., sells heavy construction equipment. There are 15,000 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 Account Titles Debit Cash $ 35,300 Accounts receivable (net) 15,600 Inventory, ending 52,500 Operational assets 41,700 Accumulated depreciation Liabilities Capital stock Retained carninga, January 1, Current Year Sales revenue Sales returns and allowances 6.100 Cost of goods sold 78,800 Selling expense 15,800 Administrative expense 17, 100 Bad debt oxpense 3,200 Sales discounts 7,300 Income tax expenso 8.980 Totals $ 282,380 $ 18,700 25,500 73,600 17,280 147,300 $282,380 Required: 1. Beginning with the amount for not sales, prepare an income statement (showing both gross profit and inc 22 MacBook Air - 1. Beginning with the amount for net sales, prepare an income statement (showing from operations). (Round "Earnings per share" to 2 decimal places.) TUNGSTEN COMPANY, INC. Income Statement For the Year Ended December 31, Current Year Net sales revenue $ Cost of goods sold Accounts receivable 8.100 78,800 70,700 Operating expenses: Selling expense Administrative expense $ 15,800 17.100 32.900 Total operating expenses Income from operations Earnings per share on capital stock outstanding 2. The beginning balance in Accounts Receivable (net) was $17,500. Compute the receivables turnover ratio Receivables Turnover Ratio Numerator Denominator 0 times Cash) 24,800 Apr. Checks written 42,200 Apr. 1 Balance Apr. Deposits 42,800 A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $5,100 (including $3,060 written before and $2,040 written during April). No deposits in transit were carried over from March, but a deposit was in transit at the end of April. Required: 1. Prepare a detailed bank reconciliation for April. Company's Books Ending balance per cash account Additions: JEFFERSON COMPANY Bank Reconciliation, April 30, Current Year Bank Statement Ending balance per bank statement Additions: 0 0 0 0 Deductions: Deductions: 0 Correct cash balance Correct cash balance Bult Assignment Seved $11,000 460 340 865 175 ERE 4,950 4 5 9 10 15 21 24 25 30 30 31 265 $20,400 29,405 28,945 28,605 27,740 27,565 32.515 32,250 11,850 19,000 18,200 21,000 20.015 7,150 800 39 2,800 185 + -$2,800 interest collected. tBank service charge Aug. 1 Balance Deposits ug. 2 12 24 31 Cash) 16,805 Checks written and lectronio funda transfera Aug. 2 11,000 4 4,950 15 2,150 17 5,350 le 20 23 DET 175 865 280 510 99 800 265 20,400 Outstanding checks at the end of July were for $340, $460, and $355. No deposits were in transit at the end of July 2. Compute the outstanding checks at the end of August by comparing the checks listed on the bank statement with those o cash ledger account and the list of outstanding checks at the end of July Outstanding chobia Saved Prebuilt Assignment tBank service charge. Aug. 2 Aug. 1 Balance Deposits Aug. 2 12 24 31 CADA) 16,805 Checko written and electronie funds transfers 11,800 4 4,950 15 7.150 17 5,350 18 20 23 ET 175 865 280 510 EET 800 265 20.400 Outstanding checks at the end of July were for $340, $460, and $355. No deposits were in transit at the end o 3. Prepare a bank reconciliation for August ALLISON COMPANY Bank Reconciliation, August 31, Current Year Company's Books Bank Statement Ending balance per cash account Ending balance per bank statement Additions: Additions: Deductions: Deductions: Correct cash balance Correct cash balance
