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Question - The 2016 income statement of Anderson Medical Supply Company reported net sales of $8 million, cost of goods sold of $4.8 million, and net income of $800,000. The following table shows the company's comparative balance sheets for 2016 and 2015:
($ in 000s)
2016
2015
Assets
Cash
$300
$380
Accounts receivable
700
500
Inventory
900
Property, plant and equipment (net)
2,400
2,120
Total assets
$4,300
$3,700
Liabilities and shareholders' equity
Current liabilities
$960
$830
Bonds payable
1,200
Paid-in-capital
1,000
Retained earnings
1,140
370
Total liabilities and shareholders' equity
Required - Calculate Anderson's turnover ratios for 2016.
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