First Question Previous Question Question 2 of 9 Next Question Last QuestionUnsaved change Moving to another question will save this response. Question 2 TEW COMPANY Balance Sheet As of December 31 ASSETS Cash $ 20,000 Accounts receivable 80,000 Inventory 50,000 Net plant and equipment 250,000 Total assets $ 400,000 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 40,000 Accrued expenses 60,000 Long-term debt 130,000 Common stock 100,000 Paid-in capital 10,000 Retained earnings 60,000 Total liabilities and stockholders' equity $ 400,000 TEW COMPANY Income Statement For the year ended December 31 Sales (all on credit) $ 500,000 Cost of goods sold 200,000 Gross profit $ 300,000 Sales and administrative expenses 20,000 Fixed lease expenses 10,000 Depreciation 40,000 Operating profit $ 230,000 Interest expense 20,000 Profit before taxes $ 210,000 Taxes (35%) 73,500 Net income $ 136,500 Refer to the tables above. The firm's receivable turnover is ____. Assume a 360-day calendar. 6.25x 1.7x 0.2x 57.6x