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The 2021 income statement of Anderson Medical Supply Company reported net sales of $8 million, cost of goods sold of $4.8 million, and net
The 2021 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 2021 and 2020: Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and shareholders' equity (5 in thousands) 2021 2020 $ 300 $ 380 700 900 500 2,400 700 2,120 $4,300 $3,700 Current liabilities $ 960 $ 830 Bonds payable 1,200. 1,200 Common stock 1,000 1,000 Retained earnings 1,140 670 Total liabilities and shareholders' equity $4,300 $3,700 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 times
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