Required information [The following information applies to the questions displayed below.] Tungsten Company, Incorporated, sells heavy construction equipment. There are 13,500 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 Cash Accounts receivable (net). Inventory, ending Operational assets Accumulated depreciation Liabilities Capital stock Retained earnings, January 1, Current Year Sales revenue Sales returns and allowances Cost of goods sold Selling expense Administrative expense Bad debt expense Sales discounts Income tax expense Totals Debit $33,900 15,000 53,000 41,100 5,600 78,800 14,600 16,100 2,000 6,900 8,780 $275,780 Credit $18,800 25,000 72,800 10, 180 149,000 $275,780 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 13,500 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 Cash Accounts receivable (net). Inventory, ending Operational assets Accumulated depreciation Liabilities Capital stock Retained earnings, January 1, Current Year Sales revenue Sales returns and allowances Cost of goods sold Selling expense Administrative expense Bad debt expense Sales discounts Income tax expense Totals Debit $33,900 15,000 53,000 41,100 5,600 78,800 14,600 16,100 2,000 6,900 8,780 $275,780 Credit $18,800 25,000 72,800 10, 180 149,000 $275,780 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
[The following information applies to the questions displayed below.]
Tungsten Company, Incorporated, sells heavy construction equipment. There are 13,500 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
Cash
Accounts receivable (net)
Inventory, ending
Operational assets
Accumulated depreciation
Liabilities
Capital stock
Retained earnings, January 1, Current
Year
Sales revenue
Sales returns and allowances
Cost of goods sold
Selling expense
Administrative expense
Bad debt expense
Sales discounts.
Income tax expense
Totals
Debit
$33,900
15,000
53,000
41,100
5,600
78,800
14,600
16,100
2,000
6,900
8,780
$275,780
Credit
$18,800
25,000
72,800
10, 180
149,000
$275,780
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbf97e23b-9ac5-4a75-a181-9951e7365160%2F0b5fe485-0cd2-4e9c-962f-db5806920750%2Fxfdsjzk_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Tungsten Company, Incorporated, sells heavy construction equipment. There are 13,500 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
Cash
Accounts receivable (net)
Inventory, ending
Operational assets
Accumulated depreciation
Liabilities
Capital stock
Retained earnings, January 1, Current
Year
Sales revenue
Sales returns and allowances
Cost of goods sold
Selling expense
Administrative expense
Bad debt expense
Sales discounts.
Income tax expense
Totals
Debit
$33,900
15,000
53,000
41,100
5,600
78,800
14,600
16,100
2,000
6,900
8,780
$275,780
Credit
$18,800
25,000
72,800
10, 180
149,000
$275,780
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.
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