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Comparative financial statements for Weller Corporation, a merchandising company, for the fiscal year ending December 31 appear below. The company did not issue any new
Comparative financial statements for Weller Corporation, a merchandising company, for the fiscal 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 $1.25 last year and $0.90 this year. The market value of the company's common stock at the end of the year was $21. All of the company's sales are on account. Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year Assets Current assets: 1,120 1,400 Cash 9,500 7,200 Accounts receivable, net Inventory 12,500 12,600 Prepaid expenses 750 590 Total current assets 23,870 21,790 Property and equipment Land 10.500 10.500 Buildings and equipment, net 41,298 36,459 Total property and equipment 51,798 46,959 Total assets $75,668 $68,749 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $19,300 $17,900 Accrued liabilities 1,080 890 Notes payable, short term 170 170 Total current liabilities 20,550 18,960 Long-term liabilities 8,600 8,600 Bonds payable
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