Thank you!!

Tungsten Company, Inc., sells heavy construction equipment. There are 10,000 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 $ 36,600 22,650 55,000 43,000 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 $ 19,800 27,000 75,000 12,280 162,100 6,350 79,900 15,600 16,900 3,100 7,900 9, 180 $ 296, 180 $296, 180 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 Net sales revenue $ 147,850 79,900 Cost of goods sold Gross profit Operating expenses: Selling expense Administrative expense $ 15,600 16,900 3,100 Bad debt expense 35,600 Total operating expenses Income from operations Net income 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 = II = times Denominator