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The 2021 income statement of Anderson Medical Supply Company reported net sales of $13 million, cost of goods sold of $6.3 million, and net income
The 2021 income statement of Anderson Medical Supply Company reported net sales of $13 million, cost of goods sold of $6.3 million, and net income of $875,000. The following table shows the company's comparative balance sheets for 2021 and 2020: ($ in thousands) 2021 2020 $ 600 1,000 1,650 3,900 $7,150 $ 680 650 1,060 3,620 $6,010 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 $1,260 1,950 2,500 1,440 $ 7,150 $1,130 1,950 2,500 430 $6,010 Required: 1. Calculate Anderson's turnover ratios for 2021. (Use 365 days a year. Round your answers to 2 decimal places.) times times Inventory turnover ratio Receivables turnover ratio Average collection period Asset turnover ratio days times
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