The 2021 income statement of Anderson Medical Supply Company reported net sales of $12 million,...
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The 2021 income statement of Anderson Medical Supply Company reported net sales of $12 million, cost of goods sold of $5.5 million, and net income of $835,000. The following table shows the company's comparative balance sheets for 2021 and 2020:
| ($ in thousands) | |||||||
| 2021 | 2020 | ||||||
| Assets | |||||||
| Cash | $ | 440 | $ | 520 | |||
| Accounts receivable | 840 | 570 | |||||
| Inventory | 1,250 | 1,050 | |||||
| Property, plant, and equipment (net) | 3,100 | 2,820 | |||||
| Total assets | $ | 5,630 | $ | 4,960 | |||
| Liabilities and shareholders equity | |||||||
| Current liabilities | $ | 1,100 | $ | 970 | |||
| Bonds payable | 1,550 | 1,550 | |||||
| Common stock | 1,700 | 1,700 | |||||
| Retained earnings | 1,280 | 740 | |||||
| Total liabilities and shareholders' equity | $ | 5,630 | $ | 4,960 | |||
Required: 1. Calculate Anderson's turnover ratios for 2021. (Use 365 days a year. Round your answers to 2 decimal places.)
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