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Accounting HW! Due soon! Pls help! Thank you so much. Will give a thumbs up! Comparative financial statements for Weller Corporation, a merchandising company, for
Accounting HW! Due soon! Pls help! Thank you so much. Will give a thumbs up!
Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A total of 700,000 shares of common stock were outstanding. The interest rate on the bond payable was 10%, the income tax rate was 40 %, and the dividend per share of common stock was $0.75 last year and $0.40 this year. The market value of the company's common stock at the end of this year was $29. All of the company's sales are on account. Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year Assets Current assetar Cash $1,250 9,500 $1,270 8,100 Accounts receivable, net Inventory 12,300 12,000 Prepaid expenses 670 520 23,720 21,890 Total current assets Property and equipment Land 9,600 9,600 49,656 36,240 Buildings and equipment, net Total property and equipment 59,256 45,84 Total assets $82,976 67.730 Liabilities and stockholders' Equity Current liabilitions Accounts payable $19,400 $ 17,900 Accrued liabilities 860 930 270 270 Notes payable, short term Total current liabilities. Long-tere liabilities: 20,600 19,030 Bonds payable 10,000 10,000 30,600 29,030 Total liabilities Stockholders' equity Common stock 700 700 4,000 4,000 Additional paid-in capital Total paid-in capital) Retained earnings 4,200 4,700 47,676 34,000 can capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Sales Cost of goods sold Gross margin selling and administrative expensest Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes Net income Dividends to common stockholders Net income added to retained earnings Beginning retained earnings Ending retained earnings 4,700 47,676 52,376 $ 82,976 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousanda) This Year $75,600 34,020 41,660 40,000 6,600 17,400 24,260 1,000 23,260 9,304 13,956 280 13,676 34,000 $ 47,676 4,100 34,000 38,700 $ 67,730 C Last Year $ 65,000 41,000 24,000 10,600 6,800 17,400 6,600 1,000 5,600 2,240 3,360 700 2,660 31,340 $ 34,000 Requir Compute the following financial data for this year: 1. Accounts receivable turnover. (Assume that all sales are on account.) (Round your answer to 2 decimal places.) 2. Average collection period. (Use 365 days in a year. Round your Intermediate calculations and final answer to 2 decimal places.) 3. Inventory turnover. (Round your answer to 2 decimal places.) 4. Average sale period. (Use 365 days In a year. Round your intermediate calculations and final answer to 2 decimal places.) 5. Operating cycle. (Round your intermediate calculations and final answer to 2 decimal places.) 6. Total asset turnover. (Round your answer to 2 decimal places.) 1. Accounts receivable tumover 2. Average collection period days 3. Inventory turnover 4. Average sale period days 5. Operating cycle days 6. Total asset turnover Step by Step Solution
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