Tungsten Company, Inc., sells heavy construction equipment. There are 12,500 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, 2014:

Account Titles	Debit		Credit
Cash	$	35,200
Accounts receivable (net)		15,800
Inventory, ending		52,400
Operational assets		40,700
Accumulated depreciation			$	18,200
Liabilities				25,300
Capital stock				73,800
Retained earnings, January 1, 2014				16,380
Sales revenue				148,500
Sales returns and allowances		7,600
Cost of goods sold		79,100
Selling expense		14,900
Administrative expense		16,600
Bad debt expense		2,400
Sales discounts		8,300
Income tax expense		9,180
Totals	$	282,180	$	282,180

.	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.)

The beginning balance in Accounts Receivable (net) was $17,300. Compute the receivables turnover ratio.

Receivables Turn Over Ratio

Numerator = Times

_________

Denominator