The following Informaton applles to the questions displayed below Tungsten Company, Inc., sells heavy construction equipment. There are 12,000 shares of capital stock outstanding. The annual fiscal perlod ends on December 31. The following condensed trial balance was taken from the general ledger on December 31, Current Year Account Titles Credit $ 34,500 Accounts receivable (net) 40.400 Accumulated depreciation Liabilities Capital stock Retained $ 17,000 24,900 72,900 15,780 148,000 earnings, January 1, Current Year Sales returns and allowances Cost of goads sold Selling expense 15,200 Bad debt expense Sales discounts 7,500 Totals $ 278,580 $278,580 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 et sales revenue Cost of goods sold Operating expenses Eamings per share on capital stock outstanding 2. The beginning balance in Accounts Receivable (net) was $17,300. Compute the receivables turnover ratio Receivables Turnover Ratio Numerator Net sales 0 times Denominator Average net trade accounts receivable