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Tungsten Company, Inc., sells heavy construction equipment. There are 10,500 shares of capital stock outstanding. The annual fiscal period ends of December 31 The following
Tungsten Company, Inc., sells heavy construction equipment. There are 10,500 shares of capital stock outstanding. The annual fiscal period ends of December 31 The following condensed trial balance was taken from the general ledger on December 31. Current Year. Debit Credit Account Titles Cash Accounts receivable (net) Inventory, ending Operational assets Accumulated depreciation Liabilities Capital stock Retained earnings, January 1, Current Year $ 33,900 16,400 53,900 40,400 $ 17,800 25,100 74,000 13,180 147100 Sales revenue 6,700 78,600 14,200 15,400 Sales returns and allowances Cost of goods sold Selling expense Administrative expense Bad debt expense Sales discounts Income tax expense Totals 2.300 7.400 7,980 $277180 $ 277,180 TUNGSTEN COMPANY, INC. Income Statement For the Year Ended December 31, Current Year Operating expenses 0 Earnings per share on capital stock outstanding 2. The beginning balance in Accounts Receivable (net) was $16,600. Compute the receivables turnover ratio. Receivables Turnover Ratio Numerator Denominator 11 times
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