Question 27 Cornerstone Co. Not yet answered Balance Sheet Accounts Points out of 2.5 12/31/17 12/31/18 P Flag question Bonds Payable $2,100 $2,100 Cash 400 392 Accounts Receivable 145 128 500 500 Preferred Stock Accounts Payable 244 250 Land 3,285 3,285 1,200 Common Stock 1,200 480 520 320 400 Inventory Retained Earnings Unearned Rent Revenue (to be earned in 2 months) Prepaid Insurance (3-month policy) Taxes Payable 40 28 114 173 20 20 Cornerstone Co. Income Statement Accounts For Year Ended 12/31/18 Insurance Expense $60 Interest Expense 32 1,500 Cost of Goods Sold Rent Revenue Net Sales Revenue 25 2,000 Tax Expense 27 Other Information 2018 Dividends to Common Shareholders $40 2018 Dividends to Preferred Shareholders $200 100sh 2018 Common Shares outstanding 2018 Preferred Shares outstanding 2018 Stock Price 50sh $100 All Sales on credit Note: Use the Cornerstone Co. data and the Reference Sheet to assist you in answering the following question. What is the 2018 Receivables Turnover Ratio? Select one: a. 15.63 b. 14.65 O c. 3.66 d. 7.33 e. 10.99