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Accounts Receivable Turnover Consider the following financial statement information for Hi-Tech Instruments: 2020 (Thousands of Dollars, except Earnings per Share) Sales revenue $504,000 Cost of goods sold 200,000 Net income 13,280 Dividends 4,160 Earnings per share 6.64 HI-TECH INSTRUMENTS, INC. Balance Sheets (Thousands of Dollars) Dec. 31, 2020 Dec. 31, 2019 Assets Cash $70,240 $75,040 Accounts receivable (net) 73,600 65,600 Inventory 63,200 69,920 Total Current Assets 207,040 210,560 Plant assets (net) 126,240 121,200 Other assets 24,960 22,080 Total Assets $358,240 $353,840 Liabilities and Stockholders' Equity Notes payable-banks $14,400 $14,400 Accounts payable 36,000 29,920 Accrued liabilities 39,600 50,400 Total Current Liabilities 90,000 94,720 9% Bonds payable 64,000 64,000 Total Liabilities 154,000 158,720 Common stock* 120,000 120,000 Retained earnings 84,240 75,120 Total Stockholders' Equity 204,240 195,120 Total Liabilities and Stockholders' Equity $358,240 $353,840 *Common stock: $25 par value, 4,800,000 shares outstanding. Industry Average Ratios for Competitors Quick ratio 1.3 Current ratio 2.4 Accounts receivable turnover 5.9 times Inventory turnover 3.5 times Debt-to-equity ratio 0.73 Gross profit percentage 42.8 percent Profit margin 4.5 percent Return on assets 7.6 percent Calculate the company's accounts receivable turnover for 2020. Round answer to two decimal places (ex: 2.97543 = 2.98). X times

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