Required:1. Calculate Anderson's turnover ratios for 2021. (Use 365 days a year. Round your answers to 2 decimal places.)Inventory tumover ratioRecelvables turnover ratioAverage collection periodtimestimesdaysAsset tumover ratiotimes The 2021 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 $830.000. The following table shows the company's comparative balance sheets for 2021and 2020:($ in thousands)20212020AssetsCashAccounts receivableInventoryProperty, plant, and equipment (net)%245004208201,2003,0005601, e002,720$ 4,780Total assets$ 5,440Liabilities and shareholders' equityCurrent liabilitiesBonds payable$1,8801,5001,6001, 260$ 5,44095e1,5001,600730Common stockRetained earningsTotal liabilities and shareholders' equity$4,780Required:tins for 2021 (Use 365 days a year. Round your answers to 2 decimal places.)

Solution:- 1) calculation of average inventory as follows:- Average inventory =Cost of goods sold…

Answered: Required: 1. Calculate Anderson's…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Solve for the missing information designated by "?" in the following table. (Use 365 days in a year. Round the inventory turnover ratio to one decimal place before computing days to sell. Round days to sell to one decimal place.) Case a. b. C. $ $ Beginning Inventory Purchases 112 $ 224 SA Cost of Goods Sold 1,120 $ $ $ 8.0 Days to Sell 36.5
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Use the following information relating to Clover Company to calculate (a) the inventory turnover ratio, (b) gross margin, and (c) the number of days' sales in inventory ratio, for years 2022 and 2023. Assume a year has 365 days. Do not round intermediate calculations and round your final answers to 3 decimal places. Year 2021 Year 2022 Year 2023 Year 2022 Year 2023 Sales $260,000 305,000 333,000 Cost of Goods Sold $187,500 241,250 242,250 Inventory Turnover Average Inventory $25,000 30,000 38,000 Gross Margin Days' Sales in Inventory
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Question: Calculate and interpret liquidity ratios Calculate the inventory turnover, days in inventory, Accounts receivable turnover and the Average Collection period for the years ending June 30, 2020, and 2019 for the Green Construction Supplies Company. Assuming that they have a 60-day credit policy, evaluate their accounts receivable management and recommend ways to improve it. Evaluate their inventory management and suggest ways to improve it. Selected information ($) 2020 2019 2018 Net Sales (80% on credit) 430,000 720,000 640,000 Cost of Goods Sold 250000 350000 320000 Accounts Receivable 220,000 110,000 76,000 Allowance for doubtful accounts 35000 18000 14000 Bad debt expense 30000 12000 9000 Inventory 150000 100000 80000
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Your answer is correct. Calculate Maple Leaf's receivables turnover and collection period for 2019 and 2018. (Round receivables turnover to 2 decimal places, e.g. 52.75 and collection period to 1 decimal place, e.g. 52.7. Use 365 days for calculation.) Receivables turnover Collection period 2019 33.75 times 2018 34.81 times 10.81 days 10.48 days (b) Has the company's liquid improved weakened? weakened Company's liquidity has Attempts: 1 of 1 used
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Required: 1. Calculate Anderson's turnover ratios for 2021. (Use 365 days a year. Round your answers to 2 decimal plac Inventory tumover ratio Recelvables turnover ratio Average collection period times times days