The following information pertains to Sampson Company. 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 | $ 45,000 |
| Accounts receivable (net) | 35,000 |
| Inventory | 20,000 |
| Property, plant and equipment | 210,000 |
| Total Assets | $310,000 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities | $ 60,000 | |
| Long-term liabilities | 90,000 | |
| Stockholders’ equity—common | 160,000 | |
| Total Liabilities and Stockholders’ Equity | $310,000 |
| Income Statement | |
| Sales | $105,000 |
| Cost of goods sold | 66,000 |
| Gross profit | 39,000 |
| Operating expenses | 30,000 |
| Net income | $9,000 |
| Number of shares of common stock | 6,000 |
| Market price of common stock | $20 |
| Dividends per share | .50 |
What is the receivables turnover for Sampson?
3.0 times
12.9 times
1.5 times
1.1 times
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