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Required: 1. 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.) TUNGSTEN COMPANY, INC. Income Statement

Required: 1. 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.) TUNGSTEN COMPANY, INC. Income Statement

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required: 1. 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.) TUNGSTEN COMPANY, INC. Income Statement For the Year Ended December 31, 2014 Operating expenses: Earnings per share on capital stock outstanding 0 2. The beginning balance in Accounts Receivable (net) was $17,300. Compute the receivables turnover ratio. Numerator Denominator Receivables Turnover Ratio times
Transcribed Image Text:Required: 1. 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.) TUNGSTEN COMPANY, INC. Income Statement For the Year Ended December 31, 2014 Operating expenses: Earnings per share on capital stock outstanding 0 2. The beginning balance in Accounts Receivable (net) was $17,300. Compute the receivables turnover ratio. Numerator Denominator Receivables Turnover Ratio times
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, 2014: Account Titles Credit Cash Accounts receivable (net) Inventory, ending Operational assets Accumulated depreciation Liabilities Capital stock Retained earnings, January 1, 2014 Sales revenue Sales returns and allowances Cost of goods sold Selling expense Administrative expense Bad debt expense Sales discounts Income tax expense Totals Debit 34,200 $ 15,200 53,300 40,300 7,500 80,300 15,600 16,500 2,100 7,300 8,780 281,080 $ 17,900 25,300 72,400 18,180 147,300 $281,080
Transcribed Image Text: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, 2014: Account Titles Credit Cash Accounts receivable (net) Inventory, ending Operational assets Accumulated depreciation Liabilities Capital stock Retained earnings, January 1, 2014 Sales revenue Sales returns and allowances Cost of goods sold Selling expense Administrative expense Bad debt expense Sales discounts Income tax expense Totals Debit 34,200 $ 15,200 53,300 40,300 7,500 80,300 15,600 16,500 2,100 7,300 8,780 281,080 $ 17,900 25,300 72,400 18,180 147,300 $281,080
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