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The 2024 income statement of Anderson Medical Supply Company reported net sales of $12 million, cost of goods sold of $6.5 million, and net
The 2024 income statement of Anderson Medical Supply Company reported net sales of $12 million, cost of goods sold of $6.5 million, and net income of $885,000. The following table shows the company's comparative balance sheets for 2024 and 2023: ($ in thousands) 2024 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and shareholders' equity Current liabilities Bonds payable Common stock 2023 $ 640 $ 720 1,040 670 1,250 4,100 $ 7,030 $ 1,300 1,160 3,820 $ 6,370 $ 1,170 2,050 2,700 2,050 2,700 980 Total liabilities and shareholders' equity $ 7,030 Retained earnings 450 $ 6,370 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 Receivables turnover ratio Average collection period Asset turnover ratio times times days times
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