Following Are the Financial Statements for Starman Corporation for the Year

question 42

Multiple Choice

Following are the financial statements for Starman Corporation for the year ended December 31,20xx.Assume that all balance sheet amounts represent both average and ending figures. $\begin{array}{c}\text {Starman Corporation}\\\text {Balance Sheet}\\\text {December \( 31,20 \mathrm{xx} \) }\\\begin{array}{lcr}&\text { Assets }\\\text { Cash } && \$ 20,000 \\\text { Marketable securities } && 30,000 \\\text { Accounts receivable } && 50,000 \\\text { Inventory } && 100,000 \\\text { Long-term receivables } && 35,000 \\\text { Property, plant, and equipment } && 65,000 \\\text { Total assets } && \$ 300,000\\\\&\text { Liabilities and Stockholders' Equity }\\\text { Current liabilities } && \$ 100,000 \\\text { Long-term liabilities } && 60,000 \\\text { Stockholders' equity } && 140,000 \\ \text { Total liabilities and stockholders' equity } && \$ 300,000 \\\end{array}\end{array}$
$\begin{array}{c}\text { Starman Corporation}\\\text { Income Statement}\\\text { For the Year Ended December 31, 20xx}\\\begin{array}{lr}\text { Net sales } & \$ 400,000 \\\text { Cost of goods sold } & 240,000 \\\text { Gross margin } & \$ 160,000 \\\text { Operating expenses } & 40,000 \\\text { Income before income taxes } & \$ 120,000 \\\text { Income taxes expense } & \$ 30,000 \\\text { Net income } & \$ 90,000 \\\end{array}\end{array}$
What is the inventory turnover for this corporation? Round your answer to one decimal place.

---

Definitions:

Contextual

Relating to the circumstances surrounding a situation or event which add meaning.

Psychoanalytic

Pertaining to a theory and therapeutic approach that emphasizes the exploration of unconscious desires and conflicts as they manifest in behavior.

Uninvolved

A parenting style characterized by a lack of responsiveness to a child's needs and a general disengagement from their life.

Parents

The guardians responsible for raising and nurturing a child, which can include biological, adoptive, step, or foster parents.