Return to CUIS Accounts Receivable Turnover The following financial data is from Hi-Tech Instruments' financial statements (thousands of doll 2016 Sales revenue Cost of goods sold Net income Dividends Earnings per share $213,000 125,000 8,300 2.600 4.15 Hi-Tech Instruments, Inc. Balance Sheet (Thousands of Dollars) Dec 31, 2016 Dec 31, 2015 Assets $18,300 $18.000 Cash 49.000 44,000 Accounts receivable (net) 39 500 43.700 Inventory 106.800 105.700 Total current assets 52.600 50.500 Plant assets (net) 15.600 13.800 Other stets 175.000 170.000 Total assess Liabilities and Stockholders Equity 56.000 56.000 Notes payable-banks 22.500 Accounts payable 16 500 21.000 ECE U abilities 45.000 15700 Total current abilities 43.000 43.000 995 Bonds payable 82.000 Total bildes Common stock 525 pat value 2000 000 shares 50.000 Retained earnings Total stockholders Totabiliter and stockho cesco O i PS o Type here to search ROM 9% Bonds payable Total liabilities Common stock, $25 par value (2,000,000 shares) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 43,000 88,000 50.000 37,000 87.000 175.000 43,000 88,700 50.000 31,300 81,300 170,000 Industry Average Ratios for Competitors Quick ratio Current ratio Accounts receivable turnover 5.9 times Inventory turnover 3.5 times Debt-to-equity ratio 0.73 Gross profit percentage 42.8 percent Return on sales 4.5 percent Return on assets 7.6 percent Calculate the company's accounts receivable turnover for 2016. Round answer to one decimal place. Compare the result to the industry average. Hi-Tech Instruments ratio is higher than the industry average HiTech Instruments ratio s lower than the indusverage. W C