Tungsten Company, Incorporated, sells heavy construction equipment. There are 10,500 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, Current Year:

Account Titles	Debit	Credit
Cash	$35,300
Accounts receivable (net)	15,900
Inventory, ending	52,700
Operational assets	41,700
Accumulated depreciation		$17,500
Liabilities		24,800
Capital stock		73,300
Retained earnings, January 1, Current Year		14,980
Sales revenue		148,100
Sales returns and allowances	5,900
Cost of goods sold	79,400
Selling expense	14,500
Administrative expense	16,000
Bad debt expense	2,000
Sales discounts	6,700
Income tax expense	8,580
Totals	$278,680	$278,680

Required: 1. Beginning with the amount for net sales, prepare an income statement (showing both gross profit and income from operations). Note: Round "Earnings per share" to 2 decimal places. Required information [The following information applies to the questions displayed below.] Tungsten Company, Incorporated, sells heavy construction equipment. There are 10,500 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, Current Year: 2. The beginning balance in Accounts Receivable (net) was $16,700. Compute the receivables turnover ratio