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The following information pertains to Vaughn Manufacturing. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were

The following information pertains to Vaughn Manufacturing. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.

Assets

Cash and short-term investments

$ 47500

Accounts receivable (net)

35600

Inventory

27900

Property, plant and equipment

210000

Total Assets

$321000

Liabilities and Stockholders Equity

Current liabilities

$ 52900

Long-term liabilities

80300

Stockholders equitycommon

187800

Total Liabilities and Stockholders Equity

$321000

Income Statement

Sales revenue

$128160

Cost of goods sold

60520

Gross margin

67640

Operating expenses

33500

Net income

$ 34140

Number of shares of common stock

5700

Market price of common stock

$18

Dividends per share on common stock

6.8

Cash provided by operations

$37000

What is the accounts receivable turnover for this company?

6.7 times

3.6 times

1.7 times

3.4 times

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