#55

The following information pertains to Oriole Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.

Assets
Cash and short-term investments	$ 50000
Accounts receivable (net)	40000
Inventory	24000
Property, plant and equipment (net)	209000
Total Assets	$323000

Liabilities and Stockholders Equity
Current liabilities	$ 52000
Long-term liabilities	108000
Stockholders equitycommon	163000
Total Liabilities and Stockholders Equity	$323000

Income Statement
Sales (net)	$ 122000
Cost of goods sold	62000
Gross profit	60000
Operating expenses	35000
Net income	$ 25000

Number of shares of common stock	3000
Market price of common stock	$22
Dividends per share	0.60

What is the accounts receivable turnover for Oriole?

1.5 times

1.4 times

3.1 times

12.4 times