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The 2021 income statement of Anderson Medical Supply Company reported net sales of $10 million, cost of goods sold of $5.6 million, and net income
The 2021 income statement of Anderson Medical Supply Company reported net sales of $10 million, cost of goods sold of $5.6 million, and net income of $840,000. The following table shows the company's comparative balance sheets for 2021 and 2020:
The 2021 income statement of Anderson Medical Supply Company reported net sales of $10 million, cost of goods sold of $5.6 million, and net income of $840,000. The following table shows the company's comparative balance sheets for 2021 and 2020: ($ in thousands) 2021 2020 $ 460 860 1,300 3,200 $5,820 $ 540 580 1,100 2,920 $5,140 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and shareholders' equity Current liabilities Bonds payable Common stock Retained earnings Total liabilities and shareholders' equity $1,120 1,600 1,800 1,300 $5,820 $ 990 1,600 1,800 750 $5,140 Required: 1. Calculate Anderson's turnover ratios for 2021. (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 timesStep by Step Solution
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