Condensed financial data are presented below for the Phoenix Corporation: Accounts receivable Inventory Total current assets Intangible assets Total assets Current liabilities Long-term liabilities Sales Cost of goods sold Interest expense Income tax expense Net income Cash flow from operations Cash flow from investing activities Cash flow from financing activities Tax rate The accounts receivable turnover for 20X2 is (rounded): (Assume all sales are on account.) 20X2 20X1 $ 267,500 $230,000 312,500 257,500 670,000 565,000 50,000 60,000 825,000 695,000 252,500 200,000 77,500 75,000 1,640,000 982,500 10,000 77,500 127,500 71,000 (6,000) (62,500) 30%