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The 2024 income statement of Anderson Medical Supply Company reported net sales of $8 million, cost of goods sold of $4.8 million, and net
The 2024 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 $800,000. The following table shows the company's comparative balance sheets for 2024 and 2023: ($ in thousands) 2024 2023 Assets Cash Accounts receivable Inventory $ 300 700 900 $ 380 500 Property, plant, and equipment (net) 2,400 700 2,120 Total assets Liabilities and shareholders' equity $ 4,300 $ 3,700 Current liabilities Bonds payable Common stock $ 960 $ 830 1,200 1,200 1,000 1,000 1,140 670 $ 4,300 $ 3,700 Retained earnings Total liabilities and shareholders' equity Required: 1. Calculate Anderson's turnover ratios for 2024. Note: Use 365 days a year. Round your answers to 2 decimal places. Inventory turnover ratio times Receivables turnover ratio times Average collection period days Asset turnover ratio times
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