The 2021 Income statement of Anderson Medical Supply Company reported net sales of $12 million, cost of goods sold of $6.2 million, and net Income of $870,000. The following table shows the company's comparative balance sheets for 2021 and 2020: Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and shareholders' equity Current liabilities Bonds payable Common stock Retained earnings Total liabilities and shareholders' equity Inventory turnover ratio Receivables turnover ratio Average collection period Asset turnover ratio ($ in thousands) 2821 2820 times times days times $ 588 $ 660 988 640 1,688 3,800 $ 6,960 1,010 3,520 $ 5,830 Required: 1. Calculate Anderson's turnover ratios for 2021. (Use 365 days a year. Round your answers to 2 decimal places.) $1,240 1,908 2,488 1,428 $ 6,968 $ 5,830 $1,110 1,900 2,400 420

The 2021 Income statement of Anderson Medical Supply Company reported net sales of $12 million, cost of goods sold of $6.2 million, and net Income of $870,000. The following table shows the company's comparative balance sheets for 2021 and 2020: Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and shareholders' equity Current liabilities Bonds payable Common stock Retained earnings Total liabilities and shareholders' equity Inventory turnover ratio Receivables turnover ratio Average collection period Asset turnover ratio ($ in thousands) 2821 2820 times times days times $ 588 $ 660 988 640 1,688 3,800 $ 6,960 1,010 3,520 $ 5,830 Required: 1. Calculate Anderson's turnover ratios for 2021. (Use 365 days a year. Round your answers to 2 decimal places.) $1,240 1,908 2,488 1,428 $ 6,968 $ 5,830 $1,110 1,900 2,400 420

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 4PB

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