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 $29. 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 $ 1,260 11,000 12,600 $ 1,260 8,200 11,100 740 630 25,600 21,190 Property and equipment: Land 10,900 10,900 Buildings and equipment, net 54,696 37,820 Total property and equipment 65,596 48,720 Total assets $ 91,196 $ 69,910 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 17,900 19,200 Accrued liabilities 1,030 760 Notes payable, short term 110 110 Total current liabilities 20,340 18,770 Long-term liabilities: Bonds payable Total liabilities Stockholders' equity: Common stock 9,000 29,340 9,000 27,770 600 600 Total liabilities Stockholders' equity: Common stock Additional paid-in capital 29,340 27,770 600 600 4,000 4,000 Total paid-in capital 4,600 4,600 Retained earnings 57,256 37,540 Total stockholders' equity 61,856 42,140 Total liabilities and stockholders' equity 91,196 $ 69,910 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Last Year Sales $ 85,440 $ 64,000 Cost of goods sold 33,180 34,000 Gross margin 52,260 30,000 Selling and administrative expenses: Selling expenses 11,300 10,200 Administrative expenses 6,800 6,900 Total selling and administrative expenses 18,100 17,100 Net operating income 34,160 12,900 Interest expense 900 900 Net income before taxes 33,260 12,000 Income taxes 13,304 4,800 Net income 19,956 7,200 Dividends to common stockholders Net income added to retained earnings Beginning retained earnings Ending retained earnings Required: Compute the following financial data for this year: 240 300 19,716 37,540 $ 57,256 6,900 30,640 $ 37,540 Required: Compute the following financial data for this year: 1. Accounts receivable turnover. (Assume all sales are on account.) Note: Round your answer to 2 decimal places. 2. Average collection period. Note: Use 365 days in a year. Round your intermediate calculations and final answer to 2 decimal places. 3. Inventory turnover. Note: Round your answer to 2 decimal places. 4. Average sale period. Note: Use 365 days in a year. Round your intermediate calculations and final answer to 2 decimal places. 5. Operating cycle. Note: Round your intermediate calculations and final answer to 2 decimal places. 6. Total asset turnover. Note: Round your answer to 2 decimal places. 1. Accounts receivable turnover 2. Average collection period 3. Inventory turnover 4. Average sale period 5. Operating cycle 6. Total asset turnover days days days