Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the 2021 income statement of anderson medical supp

The 2021 income statement of Anderson Medical Supply Company reported net sales of $12 million,...

60.1K

Verified Solution

Question

Accounting

The 2021 income statement of Anderson Medical Supply Company reported net sales of $12 million, cost of goods sold of $5.5 million, and net income of $835,000. The following table shows the company's comparative balance sheets for 2021 and 2020:

($ in thousands)
2021 2020
Assets
Cash $ 440 $ 520
Accounts receivable 840 570
Inventory 1,250 1,050
Property, plant, and equipment (net) 3,100 2,820
Total assets $ 5,630 $ 4,960
Liabilities and shareholders equity
Current liabilities $ 1,100 $ 970
Bonds payable 1,550 1,550
Common stock 1,700 1,700
Retained earnings 1,280 740
Total liabilities and shareholders' equity $ 5,630 $ 4,960

Required: 1. Calculate Anderson's turnover ratios for 2021. (Use 365 days a year. Round your answers to 2 decimal places.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Question1) a) What implications does Bandura Theory have for parenting practices? b) how does parenting influence a child’s...

Medical Sciences
Q

What is the age structure of a population. Explain how it affects population growth and economic...

Biology
Q

In what way does quasi-experimental design differ from experimental design?

Psychology
Q

A neighborhood fuel cell power plant is to be designed for an electric power output of...

Mechanical Engineering
Q

About 5% of hourly paid workers in a region earn the prevailing minimum wage or...

Basic Math
Q

2 points The types of civil cases that a private citizen can file in federal...

Statistics
Q

4x3 8x2 4x 42 x 3

Algebra
Q

Jimmy McGill and Kim Wexler form a corporation. Jimmy transfers $200,000 cash and receives...

Accounting
Q

In February, its first month of operations, a retailer made the following inventory purchases. Purchased...

Accounting
Q

Accounting
Q

10) Digitron Corp., a calendar year corporation, purchased and placed into service office equipment during...

Accounting
Q

-> Moving to another question will save this response IT Question uestion 13 3 points...

Finance