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The 2024 income statement of Anderson Medical Supply Company reported net sales of $12 million, cost of goods sold of $5.8 million, and net income of $850,000. The following table shows the company's comparative balance sheets for 2024 and 2023: Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and shareholders' equity Current liabilities Bonds payable Common stock Retained earnings Total liabilities and shareholders' equity. Inventory turnover ratio Receivables turnover ratio Average collection period Asset turnover ratio ($ 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 $ 500 900 1,400 3,400 $ 6,200 $ 1,160 1,700 2,000 1,340 $ 6,200 2023 $ 580 600 1,200 3,120 $ 5,500 $ 1,030 1,700 2,000 770 $ 5,500

The 2024 income statement of Anderson Medical Supply Company reported net sales of $12 million, cost of goods sold of $5.8 million, and net income of $850,000. The following table shows the company's comparative balance sheets for 2024 and 2023: Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and shareholders' equity Current liabilities Bonds payable Common stock Retained earnings Total liabilities and shareholders' equity. Inventory turnover ratio Receivables turnover ratio Average collection period Asset turnover ratio ($ 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 $ 500 900 1,400 3,400 $ 6,200 $ 1,160 1,700 2,000 1,340 $ 6,200 2023 $ 580 600 1,200 3,120 $ 5,500 $ 1,030 1,700 2,000 770 $ 5,500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The 2024 income statement of Anderson Medical Supply Company reported net sales of $12 million, cost of goods sold of $5.8 million, and net income of $850,000. The following table shows the company's comparative balance sheets for 2024 and 2023: Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and shareholders' equity Current liabilities Bonds payable Common stock Retained earnings Total liabilities and shareholders' equity Inventory turnover ratio Receivables turnover ratio Average collection period Asset turnover ratio ($ 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 $ 500 900 1,400 3,400 $ 6,200 $1,160 1,700 2,000 1,340 $ 6,200 2023 $ 580 600 1,200 3,120 $ 5,500 $ 1,030 1,700 2,000 770 $ 5,500
Transcribed Image Text:The 2024 income statement of Anderson Medical Supply Company reported net sales of $12 million, cost of goods sold of $5.8 million, and net income of $850,000. The following table shows the company's comparative balance sheets for 2024 and 2023: Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and shareholders' equity Current liabilities Bonds payable Common stock Retained earnings Total liabilities and shareholders' equity Inventory turnover ratio Receivables turnover ratio Average collection period Asset turnover ratio ($ 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 $ 500 900 1,400 3,400 $ 6,200 $1,160 1,700 2,000 1,340 $ 6,200 2023 $ 580 600 1,200 3,120 $ 5,500 $ 1,030 1,700 2,000 770 $ 5,500
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