The financial statements of Rodriguez Company include the following data:

Additional Resources

2022
Sales	$1,708,245
Cost of Goods Sold	945,544
Operating Expenses	359,000
Net Cash Provided From Operating Activities	418,801
Net Income	403,701
Dividends	189,000
Earnings per Share	0.64

Additional Resources

Rodriguez Company
Balance Sheet
December 31
Assets	Dec 31, 2022	Dec 31, 2021
Cash	$1,356,701	$887,700
Accounts Receivable, net	115,400	115,600
Inventory	131,800	129,400
Total Current Assets	1,603,901	1,132,700
Plant Assets, net	218,000	249,000
Total Assets	$1,821,901	$1,381,700
Liabilities and Stockholders' Equity
Current Liabilities	$31,700	$36,200
10% Bonds Payable	55,000	53,000
Total Liabilities	86,700	89,200
Common Stock, $1 par	745,000	517,000
Retained Earnings	990,201	775,500
Total Stockholders' Equity	1,735,201	1,292,500
Total Liabilities and Stockholders' Equity	$1,821,901	$1,381,700

Required:

Compute the receivables turnover ratio for 2022. Round your answer to two decimal places.

Receivables turnover ratio: