Canadian Bacon Inc. financial statements are presented in the table below. Based on the information in the table, calculate the firm's accounts...

Canadian Bacon Inc. financial statements are presented in the table below.

 Based on the information in the table, calculate the firm's accounts receivable turnover ratio.

Round the answers to two decimal places

Balance Sheet December 31, 2011

Cash and marketable securities$143,000Accounts payable $278,000

Accounts receivable$354,000Notes payable$87,000

Inventories$672,000Accrued expenses$65,000

Prepaid expenses$12,500Total current liabilities$430,000

Total current assets$1,181,500Long-term debt$284,000

Gross fixed assets$1,675,000Par value and paid-in-capital$228,000

Less: accumulated depreciation$500,000Retained Earnings$1,414,500

Net fixed assets $1,175,000Common Equity1,642,500

Total assets$2,356,500Total liabilities and owner's equity$2,356,500

Income Statement Year of 2011

Net sales (all credit)$3,136,600.00

Less: Cost of goods sold$2,195,620.00

Selling and administrative expenses$345,000.00

Depreciation expense$146,000.00

EBIT$449,980.00

Interest expense$45,300.00

Earnings before taxes$404,680.00

Income taxes$161,872.00

Net income $242,808.00

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