Accounting HW! Please help! Due soon. Thx
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 600,000 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 $27. All of the company's sales are on account. Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year Assets Current assets: Canh $1,200 $1,320 Accounts receivable, net 9.600 6,900 Inventory 13,300 11,200 Prepaid expenses. 630 570 Total current assets 24,730 19,990 Property and equipment.. Land 9,000 9,800 37,602 Buildings and equipment, net Total property and equipment 37,826 47,626 47,402 Total assets $78,132 $ 67,616 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 10,000 $18,000 900 700 190 190 Accrued liabilities Notes payable, short tern Total current liabilities Long-term liabilition: 19,970 16,970 9,900 9,900 Bonds payable Total liabilities Stockholders' equity: 29,970 20,070 Common stock 600 600 Additional paid-in capital 4,000 4,000 Total paid-in capital 4,600 4,600 Retained earnings 37,662 34,146 Total stockholders' equity 42,262 38,746 Total liabilities and stockholders' equity $72,132 $ 67,616 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year $ 66,000 40,000 26,000 11,200 7,200 18,400- 7,600 990 6,610 2,644 3,966 450 3,516 34,146 $ 37,662 Sales Cost of goods sold Gross margin Selling and administrative expenses: 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 Required: Compute the following financial data and ratios for this year: 1. Working capital. (Enter your answer in thousands.) 2. Current ratio. (Round your answer to 2 decimal places.) 3. Acid-test ratio. (Round your answer to 2 decimal places.) 1. Working capital 2. Current ratio 3. Acid-test ratio Last Year $ 65,000 42,000 23,000 10,200 6,900 17,100 5,900 990 4,910 1,964 2,946 240 2,706 31,440 $ 34,146