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The 2018 income statement of Anderson Medical Supply Company reported net sales of $7 million, cost of goods sold of $5.0 million, and net income
The 2018 income statement of Anderson Medical Supply Company reported net sales of $7 million, cost of goods sold of $5.0 million, and net income of $810,000. The following table shows the company's comparative balance sheets for 2018 and 2017:
($ in 000s) | |||||||
2018 | 2017 | ||||||
Assets | |||||||
Cash | $ | 340 | $ | 420 | |||
Accounts receivable | 740 | 520 | |||||
Inventory | 1,000 | 800 | |||||
Property, plant, and equipment (net) | 2,600 | 2,320 | |||||
Total assets | $ | 4,680 | $ | 4,060 | |||
Liabilities and shareholders equity | |||||||
Current liabilities | $ | 1,000 | $ | 870 | |||
Bonds payable | 1,300 | 1,300 | |||||
Paid-in capital | 1,200 | 1,200 | |||||
Retained earnings | 1,180 | 690 | |||||
Total liabilities and shareholders' equity | $ | 4,680 | $ | 4,060 | |||
Required: 1. Calculate Anderson's turnover ratios for 2018. (Consider 365 days a year. Round your answers to 2 decimal places.) Inventory Ratio , recievables ratio . Average collection period, asset turnover ratio.
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