The 2024 income statement of Anderson Medical Supply Company reported net sales of $11 million,...
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The 2024 income statement of Anderson Medical Supply Company reported net sales of $11 million, cost of goods sold of $5.4 million, and net income of $830,000. The following table shows the company's comparative balance sheets for 2024 and 2023: Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and shareholders' equity Current liabilities Bonds payable Common stock Retained earnings Total liabilities and shareholders' equity Inventory turnover ratio Receivables turnover ratio Average collection period Asset turnover ratio ($ in thousands) 2024 Required: 1. Calculate Anderson's turnover ratios for 2024. Note: Use 365 days a year. Round your answers to 2 decimal places. times times days times $ 420 820 1,200 3,000 $ 5,440 $ 1,080 1,500 1,600 1,260 $ 5,440 2023 $ 500 560 1,000 2,720 $ 4,780 $ 950 1,500 1,600 730 $ 4,780
The 2024 income statement of Anderson Medical Supply Company reported net sales of $11 million, cost of goods sold of $5.4 million, and net income of $830,000. The following table shows the company's comparative balance sheets for 2024 and 2023 . Required: 1. Calculate Anderson's turnover ratios for 2024 Note: Use 365 days a year. Round your answers to 2 decimal places
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