are on account. Assets Current assets: Cash Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year $ 1,130 $ 1,310 Accounts receivable, net Inventory Prepaid expenses Total current assets Property and equipment: Land Buildings and equipment, net Total property and equipment Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Notes payable, short term Total current liabilities Long-term liabilities: Bonds payable Total liabilities Stockholders' equity: Common stock Additional paid-in capital 10,400 13,600 7,100 10,700 700 610 25,830 19,720 10,700 10,700 50,999 40,532 61,699 51,232 $ 87,529 $ 70,952 $ 19,700 $ 18,400 1,030 100 20,830 770 100 19,270 9,388 30,130 9,300 28,570 700 700 4,000 4,000 Total paid-in capital. 4,700 4,700 Retained earnings 52,699 37,682 Total stockholders' equity 57,399 42,382 Total liabilities and stockholders' equity $ 87,529 $ 70,952 Weller Corporation (dollars in thousands) Comparative Income Statement and Reconciliation This Year Last Year Sales Cost of goods sold Gross margin Selling expenses Selling and administrative expenses: Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes Net income $ 81,375 $ 66,000 36,458 35,000 44,925 31,000 11,100 10,500 7,400 6,500 18,500 17,000 26,425 14,000 938 25,495 930 13,070 18,198 5,228 15,297 7,842 280 Dividends to common stockholders Net income added to retained earnings Beginning retained earnings Ending retained earnings 15,017 37,682 $ 52,699 700 7,142 30,548 $ 37,682 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 $24. All of the company's sales are on account. Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year Assets Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Property and equipment: Land Buildings and equipment, net Total property and equipment Total assets Liabilities and Stockholders' Equity Current Liabilities: Accounts payable Accrued liabilities Notes payable, short term Total current liabilities Long-term Liabilities: Bonds payable Total liabilities Stockholders' equity: Common stock Additional paid-in capital $1,130 10,400 $1,310 13,600 7,100 10,700 7ee 610 25,830 19,728 10,700 10,700 50.999 40,532 61,699 51,232 $87,529 $ 70,952 $ 19,700 $18,400 1,030 100 20,830 770 100 19,270 9,300 9,300 30,130 28,570 700 700 4,008 4,000 4,700 52,699 4,700 37,682 Total paid-in capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $87,529 57,399 $ 70,952 42,382 Weller Corporation Comparative Income Statenent and Reconciliation (dollars in thousands) This Year Sales $ 81,375 Last Year $66,000 Cost of goods sold 36,450 35,000 Gross margin 44,925 31,008 Selling and administrative expenses: Selling expenses 11,100 10,500 Administrative expenses 7,400 6,500 Total selling and administrative expenses 18,500 17,000 Net operating income 26,425 14,000 Interest expense 930 930 Net incone before taxes 25,495 13,070 Income taxes 10,198 Net income 15,297 5,228 7,842 Dividends to common stockholders 280 700 15,017 37,682 7,142 30,540 Net income added to retained earnings Beginning retained earnings Ending retained earnings Required: Compute the following financial data for this year $ 52,699 $ 37,682 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.)