Tungsten Company, Inc., sells heavy construction equipment. There are 12,000 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 $ 35,300 14,800 52,400 41,200 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 all wances Cost of goods sold Selling expense Administrative expense Bad debt expense Sales discounts Income tax expense Totals $ 17,400 25,100 73,300 13,480 149,100 6,700 79,300 14,200 15,600 2,200 8,000 8,680 $ 278,380 $278,380 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 $17,000. Compute the receivables turnover ratio. Numerator Denominator Receivables Turnover Ratio Net sales Average net trade accounts receivable 0 times