Testbank Multiple Choice Question 64

The following data are provided:

	December 31
	2021		2020
Cash	$ 1700000		$ 1015000
Accounts receivable (net)	1400000		1250000
Inventories	2600000		2100000
Plant assets (net)	6000000		6400000
Accounts payable	1150000		795000
Income taxes payable	215000		110000
Bonds payable	1450000		1450000
10% Preferred stock, $50 par	1800000		1800000
Common stock, $10 par	2350000		1700000
Paid-in capital in excess of par	1500000		1250000
Retained earnings	3900000		3500000
Net credit sales	12700000
Cost of goods sold	8350000
Operating expenses	2950000
Net income	1450000

Additional information: Depreciation included in cost of goods sold and operating expenses is $1240000. On May 1, 2021, 65000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2021. The accounts receivable turnover for 2021 is