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Accounts Receivable Turnover The following financial data is from Brenner Instruments' financial statements (thousands of dollars, except earnings per share.) 2019 Sales revenue Cost of goods sold Net income Dividends Earnings per share $218,000 125,000 8,300 2,600 4.15 BRENNER INSTRUMENTS, INC. Balance Sheet (Thousands of Dollars) Dec. 31, 2019 Dec. 31, 2018 Assets Cash $18,300 $18,000 Accounts receivable (net) 54,000 49,000 Inventory 39,500 43,700 Total current assets 111,800 110,700 Plant assets (net) 52,600 50,500 Other assets 15,600 13,800 Total assets 180,000 175,000 Liabilities and Stockholders' Equity Notes payable-banks $6,000 $6,000 Accounts payable 22,500 18,700 Accrued liabilities 16,500 21,000 Total current liabilities 45,000 45,700 9% Bonds payable 48,000 48,000 Total liabilities 93,000 93,700 Common stock, $25 par value (2,000,000 shares) 50,000 50,000 Retained earnings 37,000 31,300 Total stockholders' equity 87,000 81,300 Total liabilities and stockholders' equity 180,000 175,000 Industry Average Ratios for Competitors Quick ratio 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 Return on sales 4.5 percent Return on assets 7.6 percent Calculate the company's accounts receivable turnover for 2019. Round answer to one decimal place. 0 Compare the result to the industry average. Brenner Instruments' ratio is higher than the industry average. Brenner Instruments' ratio is lower than the industry average

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