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: Account Titles Credit Debit $ 33,600 14,400 52,000 40,000 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 $ 16,800 24,000 72,000 9,280 147,100 5,600 78,400 14,100 15,400 1,600 6,400 7,680 Income tax expense Totals $ 269,180 $269,180 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 Operating expenses: Total operating expenses 0 Earnings per share on capital stock outstanding 2. The beginning balance in Accounts Receivable (net) was $16,000. Compute the receivables turnover ratio. Receivables Turnover Ratio Numerator II II times Denominator