Problem
Shannon Corporation had profit of $250,000 and paid dividends to common shareholders of $50,000 in 2021. The weighted average number of shares issued in 2021 was 50,000 shares. Shannon Corporation's common shares are selling for $40 per share on the Toronto Stock Exchange. In 2021 Shannon Corporation reported beginning Accounts Receivable balance of $81,000; an ending Accounts Receivable balance of $117,000; and Sales of $880,000. What was Shannon Corporation's Accounts Receivable turnover for 2021?