The income statement for the year ended December 31, 20X6, for Total Inc. contains the following information:

Total Inc.
Income Statement
Year Ended December 31, 20X6
Sale	$	50,000
Cost of goods sold	$	30,000
Gross Profit	$	20,000
Operating Expenses	$	15,000
Profit from Operations	$	5,000
Income Tax Expense	$	3,000
Profit	$	2,000

Total Inc. comparative balance sheet at December 31

	20X6			20X5
Cash	$	1,200		$	1,000
Accounts Receivable	$	300		$	1,500
Inventory	$	5,000		$	3,000
Equipment	$	12,000		$	8,000
Accumulated Depreciation - equipment	$	(4,000	)	$	(2,000	)
Total Assets	$	14,500		$	11,500
Account Payable	$	1,000		$	3,500
Long-term Notes Payable	$	2,000		$	-
Common shares	$	10,000		$	8,000
Retained Earnings	$	1,500		$	-
Total Liabilities & Shareholders' Equity	$	14,500		$	11,500

Additional Information:

1. Operating expenses include depreciation expense of $2,500
2. Accounts Payable related to the purchase of inventory
3. Equipment that cost $2,000 was sold for $1,500 cash
4. New equipment was purchased during the year for $5,000
5. Common shares were sold for $2,000 cash

Round answers to fit 2 decimal places in all questions (in % questions a 0.12 is presented as 12%, so a 0.124 is rounded as 12% and 0.127 is rounded as 13%)

The accounts receivable turnover at December 20X6 was:

Multiple Choice

• Between 36 and 72

• Between 8 and 35

• Equal or below 7

• Not enough data provided to calculate it

• Equal or above 73