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Exercise 4-26(Algo) Evaluating efficiency of asset management [LO4-10] The 2024 income statement of...

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Accounting

Exercise 4-26(Algo) Evaluating efficiency of asset management [LO4-10]
The 2024 income statement of Anderson Medical Supply Company reported net sales of $8 million, cost of goods sold of $5.1 million, and net income of $815,000. The following table shows the company's comparative balance sheets for 2024 and 2023:
($ in thousands)
20242023
Assets
Cash $ 360 $ 440
Accounts receivable 760530
Inventory 1,050850
Property, plant, and equipment (net)2,7002,420
Total assets $ 4,870 $ 4,240
Liabilities and shareholders equity
Current liabilities $ 1,020 $ 890
Bonds payable 1,3501,350
Common stock 1,3001,300
Retained earnings 1,200700
Total liabilities and shareholders' equity $ 4,870 $ 4,240
Required:
1. Calculate Anderson's turnover ratios for 2024.

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