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:

Operant Behavior

A method of learning that employs rewards and punishments for behavior, emphasizing the effects of external stimuli on behavior.

Respondent Behavior

Behavior that occurs as an automatic response to a certain stimulus.

Explorative Behavior

Actions taken to gather information about one's environment or to learn new things through direct experience.

Response Rate

The frequency at which a specific behavior is performed, often measured in experimental or observational studies to determine the effect of variables.