The 2021 income statement of Anderson Medical Supply Company reported net sales of $12 million, cost...
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The 2021 income statement of Anderson Medical Supply Company reported net sales of $12 million, cost of goods sold of $6.8 million, and net income of $900,000. The following table shows the company's comparative balance sheets for 2021 and 2020: ($ in thousands) 2021 2020 Assets Cash 700 $ 780 1,100 1,400 4,400 Accounts receivable 700 Inventory Property, plant, and equipment (net) 1,310 4,120 Total assets Liabilities and shareholders' equity $7,600 $6,910 $1,360 2,200 Current liabilities $1,230 Bonds payable 2,200 Common stock 3,000 3,000 Retained earnings 1,040 480 es Total liabilities and shareholders' equity $7,600 $6,910 Required: 1. Calculate Anderson's turnover ratios for 2021. (Use 365 days a year. Round your answers to 2 decimal places.) Inventory turnover ratio Receivables turnover ratio Average collection period times times days Asset turnover ratio times The 2021 income statement of Anderson Medical Supply Company reported net sales of $12 million, cost of goods sold of $6.8 million, and net income of $900,000. The following table shows the company's comparative balance sheets for 2021 and 2020: ($ in thousands) 2021 2020 Assets Cash 700 $ 780 1,100 1,400 4,400 Accounts receivable 700 Inventory Property, plant, and equipment (net) 1,310 4,120 Total assets Liabilities and shareholders' equity $7,600 $6,910 $1,360 2,200 Current liabilities $1,230 Bonds payable 2,200 Common stock 3,000 3,000 Retained earnings 1,040 480 es Total liabilities and shareholders' equity $7,600 $6,910 Required: 1. Calculate Anderson's turnover ratios for 2021. (Use 365 days a year. Round your answers to 2 decimal places.) Inventory turnover ratio Receivables turnover ratio Average collection period times times days Asset turnover ratio times
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Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson, Wayne Thomas
Posted Date:
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