"What times it?" Help! Please explain

Me and my friend are having a discussion.
She wrote the sentence "What times it?".
I said it was incorrect, since it changes the meaning of time, and it will sound like the word "timing".
Then she said it could be used with an apostrophe, like "What time's it?"
But that's incorrect as well right?
I don't think you can use an apostrophe for the word time in that situation.

I've tried to explain it, but since I mostly apply rules with my feelings instead of actually knowing the rules, it's hard for me to explain.

Could someone tell her why she's wrong and according to which rules? (apply the rule in the explanation please).

That's the writing part. But even if you say "what time's it", it's also not correct right? Even if it's slang, it changes the meaning. I've never heard someone from England or the US say it like that.

Thanks in advance!