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Exercise 4-26 Evaluating efficiency of asset management [LO4-10] The 2018 income statement of Anderson Medical...

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Exercise 4-26 Evaluating efficiency of asset management [LO4-10] The 2018 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 2018 and 2017 in 000s Cash Accounts receivable Inventory Property, plant, and equipment (net) 700 780 700 1,400 1,310 4,4004,120 $7,600$6,910 1,100 Total assets Liabilities and shareholders equity Current liabilities Bonds payable Paid-in capital Retained earnings $1,360 $1,230 2,200 2,200 3,000 3,000 480 1,040 Total liabilities and shareholders' equity $7, 600 $6, 910 Required: 1. Calculate Anderson's turnover ratios for 2018. (Consider 365 days a year. Round your answers to 2 decimal places.) ge collection period

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