Exercise 4-26 Evaluating efficiency of asset managemen Lo4-10] The 2018 income statement of Anderson Medical...
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Exercise 4-26 Evaluating efficiency of asset managemen Lo4-10] The 2018 income statement of Anderson Medical Supply Company reported net sales of $11 million, cost of goods sold of $6.1 million and net income of $865,000. The following table shows the company's comparative balance sheets for 2018 and 2017 in 000s 2018 2017 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) $ 560 640 630 960 960 1,550 3,700 3,420 $ 6,770 5,650 Total assets Liabilities and shareholders' equity Current liabilities Bonds payable Paid-in capital Retained earnings $ 1,220 1,850 2,300 1.400 1,090 1,850 2, 300 410 Total liabilities and shareholders' equity $. 6,770 5,650 Required 1. Calculate Anderson's turnover ratios for 2018. (Consider 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 imes
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