Response to the following problem:
Following are the financial statements for Starman Corporation for the year ended December 31, 2009. Assume that all balance sheet amounts represent both average and ending figures.
Starman Corporation Balance Sheet December 31, 2009
Assets:
Cash $ 20,000
Marketable securities 30,000
Accounts receivable 50,000
Inventory 100,000
Long-term receivables 35,000
Property, plant, and equipment 65,000
Total assets $300,000
Liabilities and Stockholders:
Equity Current liabilities $100,000
Long-term liabilities 60,000
Stockholders' equity 140,000
Total liabilities and stockholders' equity $300,000
Starman Corporation Income Statement For the Year Ended December 31, 2009:
Net sales $400,000
Cost of goods sold 240,000
Gross margin $160,000
Operating expenses 40,000
Income before income taxes $120,000
Income taxes expense 30,000
Net income $ 90,000
What is the receivable turnover for this corporation? Round your answer to one decimal place.