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Book Hint erences Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue
Book Hint erences 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 $25. All of the company's sales are on account. 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 Weller Corporation Comparative Balance Sheet (dollars in thousands) Stockholders' equity: Common stock Last Year $1,220 7,300 11,200 540 20,260 9,300 45,334 54,634 $74,894 $ 19,100 720 170 19,990 9,600 29,590 600
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