Exercise 4-26 (Static) Evaluating efficiency of asset management (LO4-10] The 2024 income statement of Anderson Medical Supply Company reported net sales of $8 milion, cost of goods sold of $4.8 milion, and net income of $800.000. The following table shows the company's comperative balance sheets for 2024 and 2023 Assets 2924 Cash Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and shareholders' equity Current Liabilities Bonds payable Common stock Total Liables and starstelders ity Required: 1. Cacuate Anderson's turnover ratios for 2024 1.20 1,140 $ 4,300 Note: Use 365 days a year. Round your answers to 2 decimal places. Reserate times Average cole period days Asset turnover rate

Survey of Accounting (Accounting I)
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Chapter7: Fixed Assets, Natural Resources, And Intangible Assets
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Problem 7.3.3MBA
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Exercise 4-26 (Static) Evaluating efficiency of asset management (LO4-10]
The 2024 income statement of Anderson Medical Supply Company reported net sales of $8 milion, cost of goods sold of $4.8 milion,
and net income of $800.000. The following table shows the company's comperative balance sheets for 2024 and 2023
Assets
2924
Cash
Accounts receivable
Inventory
Property, plant, and equipment (net)
Total assets
Liabilities and shareholders' equity
Current Liabilities
Bonds payable
Common stock
Total Liables and starstelders ity
Required:
1. Cacuate Anderson's turnover ratios for 2024
1.20
1,140
$ 4,300
Note: Use 365 days a year. Round your answers to 2 decimal places.
Reserate
times
Average cole period
days
Asset turnover rate
Transcribed Image Text:Exercise 4-26 (Static) Evaluating efficiency of asset management (LO4-10] The 2024 income statement of Anderson Medical Supply Company reported net sales of $8 milion, cost of goods sold of $4.8 milion, and net income of $800.000. The following table shows the company's comperative balance sheets for 2024 and 2023 Assets 2924 Cash Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and shareholders' equity Current Liabilities Bonds payable Common stock Total Liables and starstelders ity Required: 1. Cacuate Anderson's turnover ratios for 2024 1.20 1,140 $ 4,300 Note: Use 365 days a year. Round your answers to 2 decimal places. Reserate times Average cole period days Asset turnover rate
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