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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 income
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 $800,000. The following table shows the company's comparative balance sheets for 2021 and 2020:
($ in thousands) | |||||||
2021 | 2020 | ||||||
Assets | |||||||
Cash | $ | 300 | $ | 380 | |||
Accounts receivable | 700 | 500 | |||||
Inventory | 900 | 700 | |||||
Property, plant, and equipment (net) | 2,400 | 2,120 | |||||
Total assets | $ | 4,300 | $ | 3,700 | |||
Liabilities and shareholders equity | |||||||
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.)
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