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