MARNI COMPANY Balance Sheet As of December 31, 2007 ASSETS Cash Accounts Receivable Inventory Net Plant and Equipment Total Assets $50,000 100,000 200,000 650,000 $1,000,000 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts Payable Accrued Expenses $100,000 90,000 Long-Term debt Common Stock Paid-In capital Retained earnings Total Liabilities and Stockholders' Equity 250,000 100,000 50,000 410.000 $1,000,000 MARNI COMPANY Income Statement For the Year Ended December 31, 2007 Sales (all on credit) Cost of Goods Sold Gross Profit Sales and Administrative Expense Fixed Lease Expenses Depreciation Operating Profit Interest Expense Profit before Taxes Taxes (40%) Net Income $2,000,000 1,750,000 250,000 30,000 10,000 60,000 150,000 25,000 125,000 50.000 $75.000 Refer to the figure above. The firm's receivable turnover is Refer to the figure above. The firm's receivable turnover is __ Multiple Choice 10x 20x 8x 12x