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Calculate anderson turnover ratios

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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

700

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

1,200

Paid-in-capital

1,000

1,000

Retained earnings

1,140

370

Total liabilities and shareholders' equity

$4,300

$3,700

Required - Calculate Anderson's turnover ratios for 2016.

Reference no: EM131720092

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