Asset Efficiency Ratios

Financial statements for Steele Inc. follow.

Steele Inc.
Consolidated Income Statements
(in thousands except per share amounts)
		2023		2022		2021
Net sales		$7,245,088		$6,944,296		$6,149,218
Cost of goods sold		(5,286,253)		(4,953,556)		(4,355,675)
Gross margin		$1,958,835		$1,990,740		$1,793,543
General and administrative expenses		(1,259,896)		(1,202,042)		(1,080,843)
Special and nonrecurring items		2,617		0		0
Operating income		$701,556		$788,698		$712,700
Interest expense		(63,685)		(62,398)		(63,927)
Other income		7,308		10,080		11,529
Gain on sale of investments		0		9,117		0
Income before income taxes		$645,179		$745,497		$660,302
Provision for income taxes		(254,000)		(290,000)		(257,000)
Net income		$391,179		$455,497		$403,302

Steele Inc.
Consolidated Balance Sheets
(in thousands)
ASSETS		Dec. 31, 2023		Dec. 31, 2022
Current assets:
Cash and equivalents		$320,558		$41,235
Accounts receivable		1,056,911		837,377
Inventories		733,700		803,707
Other		109,456		101,811
Total current assets		$2,220,625		$1,784,130
Property and equipment, net		1,666,588		1,813,948
Other assets		247,892		248,372
Total assets		$4,135,105		$3,846,450
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
Accounts payable		$250,363		$309,092
Accrued expenses		347,892		274,220
Other current liabilities		15,700		0
Income taxes		93,489		137,466
Total current liabilities		$707,444		$720,778
Long-term debt		650,000		541,639
Deferred income taxes		275,101		274,844
Other long-term liabilities		61,267		41,572
Total liabilities		1,693,812		1,578,833
Stockholders equity:
Preferred stock		$100,000		$100,000
Common stock		89,727		89,727
Additional paid-in capitalcommon stock		128,906		127,776
Retained earnings		2,397,112		2,136,794
		$2,715,745		$2,454,297
Less: Treasury stock, at cost		(274,452)		(186,680)
Total stockholders equity		$2,441,293		$2,267,617
Total liabilities and stockholders equity		$4,135,105		$3,846,450

Use the information provided above and below to respond to the following requirements.

Statement Item	January 1, 2022 (in thousands)
Accounts receivable	$752,945
Inventories	698,604
Total assets	3,485,233

Required:

1. Compute the three asset efficiency ratios for 2022 and 2023. Round your answers to two decimal places.

	2023	2022
Accounts receivable turnover ratio	?	?
Inventory turnover ratio	?	?
Asset turnover ratio	?