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Tungsten Company, Inc., sells heavy construction equipment. There are 10,000 shares of capital stock outstanding. Find 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
$
33,600
Accounts receivable (net)
14,400
Inventory, ending
52,000
Operational assets
40,000
Accumulated depreciation
16,800
Liabilities
24,000
Capital stock
72,000
Retained earnings, January 1, 2014
9,280
Sales revenue
147,100
Sales returns and allowances
5,600
Cost of goods sold
78,400
Selling expense
14,100
Administrative expense
15,400
Bad debt expense
1,600
Sales discounts
6,400
Income tax expense
7,680
Totals
269,180
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