Question
Check mw Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue
Check mw 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. 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 $1,110 $1,230 9,600 12,400 670 7,200 12,400 520 23,780 21,350 Property and equipment Land 11,000 11,000 Buildings and equipment, net 44,198 35,360 Total property and equipment 55,198 46,360 Total assets. $78,978 $67,710 Liabilities and Stockholders' Equity Current liabilities Accounts payable $19,000 $17,700 Accrued liabilities 1,020 760 Notes payable, short term Total current liabilities: 160 20,180 160 18,620 Long-term liabilities: Bonds payable Total liabilities Stockholders' amity 9,000 29,180 9,000 27,620
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