The following information applies to the questions displayed below Tungsten Company, Inc., sells heavy construction equipment. There are 14,500 shares of capital stock outstanding. The annual fiscal period ends on December 31. The following condense trial balance was taken from the general ledger on December 31, Current Year: Account Tiles Debit Credit $34,000 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 16,000 53,200 40,800 $16,800 24,600 72,400 19,880 147600 7,200 79,000 15,900 15,800 2,800 7500 9,080 Totals $ 281,280 281,280 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 decimal places.) TUNGSTEN COMPANY, INC. Income Statement For the Year Ended December 31, Current Year Cost of goods sold et sales revenue (79,000) 68,600 Gross profit 68,600 Operating expenses Administrative expense Bad debt expense Selling expense $15,800 2,800 15,900 34,500 from operations Income tax expense 9,080 Net income Earnings per share on capital stock outstanding 2. The beginning balance in Accounts Receivable (net) was $16,200. Compute the receivables turnover ratio Receivables Turnover Ratio Numerator Net sales S 140,400 o times Denominator Average net trade accounts receivable