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The 2018 income statement of Anderson Medical Supply Company reported net sales of $8 million, cost of goods sold of $4.8 million and net income
The 2018 income statement of Anderson Medical Supply Company reported net sales of $8 million, cost of goods sold of $4.8 million and net income of $800,000. The following table shows the company's comparative balance sheets for 2018 and 2017 in 000s) 2018 2017 AssetsS Cash Accounts receivable Inventory Property, plant, and equipment (net) $ 300 380 500 700 700 900 2,400 2,120 $4,300 $3,700 Total assets Liabilities and shareholders equity current liabilities Bonds payable Paid-in capital Retained earnings $ 960 830 1,200 1,000 670 1,200 1,000 1,140 Total liabilities and shareholders' equity $4,300 3,700 Required: 1. Calculate Anderson's turnover ratios for 2018. (Use 365 days a year. Round your answers to 2 decimal places.) Inventory turnover ratio Receivables turnover ratio Average collection period Asset turnover ratio times times days times
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