Bernie's Ltd$.$

Income Statement

For the Year ended December $31,20$X$5$

Income:

Sales $682,000$

Dividends $22,000$

Interest $29,000$

Gain on sale of PPE $($Property Plant & Equipment$)19,000$

Total income $752,000$

Expenses:

Cost of goods sold $360,000$

Depreciation $43,000$

Wages $134,000$

Interest $38,000$

Other expenses $41,000$

Total expenses $616,000$

Net income before income tax expense $136,000$

Income tax expense $36,000$

Net income after income tax expense $100,000$

Additional information:

PPE purchases during $20$X$5$ were $$735,000$

Issuance of mortgage payable during $20$X$5$ $$226,000$

All prepaid expenses at the beginning of the year expired during $20$X$5.$

$$5,000$ was accrued for operating expenses at year end.

Bernie's Ltd$.$

Balance sheet

As at December $3120$X$520$X$4$

Assets

Cash $57,000101,000$

Accounts receivable $224,000192,000$

Inventory $323,000330,000$

Interest receivable $8,0003,000$

Prepaids $18,00017,000$

Long term receivable from Dennis's Ltd$.26,000-$

Property, Plant and Equipment$($PPE$),$ net $1,087,000525,000$

Total $1,743,0001,168,000$

Liabilities

Accounts payable $220,000137,000$

Accrued liabilities $5,0007,000$

Wages payable $6,00012,000$

Mortgage payable $384,000185,000$

Shareholder's Equity

Common shares $861,000619,000$

Retained earnings $267,000208,000$

Total $1,743,0001,168,000$

Please round up to $2$ decimal places.

Please note that percentages may be represented in decimal format. For example, $12\%$ is the same as $0\mathrm{.}12.$ If you calculate $0\mathrm{.}123$ it is correct to round to $12\%.$ If you calculate $0\mathrm{.}127$ then it is correct to round to $13\%.$

Bernie's Ltd Accounts Receivable turnover at December $20$X$5$ is:

Multiple Choice

Between $0\mathrm{.}02\mathrm{.}50$

Between $2\mathrm{.}513\mathrm{.}50$

Between $4\mathrm{.}515\mathrm{.}50$

Not enough data provided to calculate it

Between $3\mathrm{.}514\mathrm{.}50$