FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

part  1 and part 2

Required information P6-4 (Algo) Preparing an Income Statement and Computing the Receivables Turnover Ratio with Discounts, Returns, and Bad Debts LO6-1, 6-2, 6-3 [The following information applies to the questions displayed below.] 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, Current Year: 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 Account Titles Administrative expense Bad debt expense Sales discounts Income tax expense Totals P6-4 Part 1 TUNGSTEN COMPANY, INC. Income Statement For the Year Ended December 31, Current Year Operating expenses: Total operating expenses Debit $ 37,200 24,300 55,600 43,600 Earnings per share on capital stock outstanding 6,500 80, 200 15,900 17,200 3,400 8,200 9,480 $ 301,580 Credit Required: 1. Beginning with the amount for net sales, pre are an income statement (showing both gross profit and income from operations). (Round "Earnings per share" to 2 decimal places.) $ 20,400 27,600 75,600 12,880 165,100 $301,580
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Transcribed Image Text:Required information P6-4 (Algo) Preparing an Income Statement and Computing the Receivables Turnover Ratio with Discounts, Returns, and Bad Debts LO6-1, 6-2, 6-3 [The following information applies to the questions displayed below.] 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, Current Year: 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 Account Titles Administrative expense Bad debt expense Sales discounts Income tax expense Totals P6-4 Part 1 TUNGSTEN COMPANY, INC. Income Statement For the Year Ended December 31, Current Year Operating expenses: Total operating expenses Debit $ 37,200 24,300 55,600 43,600 Earnings per share on capital stock outstanding 6,500 80, 200 15,900 17,200 3,400 8,200 9,480 $ 301,580 Credit Required: 1. Beginning with the amount for net sales, pre are an income statement (showing both gross profit and income from operations). (Round "Earnings per share" to 2 decimal places.) $ 20,400 27,600 75,600 12,880 165,100 $301,580
Required information P6-4 (Algo) Preparing an Income Statement and Computing the Receivables Turnover Ratio with Discounts, Returns, and Bad Debts LO6-1, 6-2, 6-3 [The following information applies to the questions displayed below.] 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, Current Year: Cash Accounts receivable (net) Inventory, ending Operational assets Accumulated depreciation Liabilities Account Titles 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 P6-4 Part 2 Numerator Denominator $ Debit 37,200 24,300 55,600 43,600 6,500 80,200 15,900 17, 200 3,400 8,200 9,480 $ 301,580 Receivables Turnover Ratio Credit 2. The beginning balance in Accounts Receivable (net) was $17,800. Compute the receivables turnover ratio. = $ 20,400 27,600 75,600 12,880 165, 100 $301,580 times
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Transcribed Image Text:Required information P6-4 (Algo) Preparing an Income Statement and Computing the Receivables Turnover Ratio with Discounts, Returns, and Bad Debts LO6-1, 6-2, 6-3 [The following information applies to the questions displayed below.] 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, Current Year: Cash Accounts receivable (net) Inventory, ending Operational assets Accumulated depreciation Liabilities Account Titles 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 P6-4 Part 2 Numerator Denominator $ Debit 37,200 24,300 55,600 43,600 6,500 80,200 15,900 17, 200 3,400 8,200 9,480 $ 301,580 Receivables Turnover Ratio Credit 2. The beginning balance in Accounts Receivable (net) was $17,800. Compute the receivables turnover ratio. = $ 20,400 27,600 75,600 12,880 165, 100 $301,580 times
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