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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

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 companys common stock at the end of this year was $21. All of the companys sales are on account.

Weller Corporation Comparative Balance Sheet (dollars in thousands)
This Year Last Year
Assets
Current assets:
Cash $ 1,270 $ 1,250
Accounts receivable, net 10,100 6,700
Inventory 12,600 12,400
Prepaid expenses 740 630
Total current assets 24,710 20,980
Property and equipment:
Land 9,100 9,100
Buildings and equipment, net 46,464 40,174
Total property and equipment 55,564 49,274
Total assets $ 80,274 $ 70,254
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 20,400 $ 18,600
Accrued liabilities 960 750
Notes payable, short term 130 130
Total current liabilities 21,490 19,480
Long-term liabilities:
Bonds payable 9,600 9,600
Total liabilities 31,090 29,080
Stockholders' equity:
Common stock 600 600
Additional paid-in capital 4,000 4,000
Total paid-in capital 4,600 4,600
Retained earnings 44,584 36,574
Total stockholders' equity 49,184 41,174
Total liabilities and stockholders' equity $ 80,274 $ 70,254
Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands)
This Year Last Year
Sales $ 78,960 $ 64,000
Cost of goods sold 46,250 37,000
Gross margin 32,710 27,000
Selling and administrative expenses:
Selling expenses 10,900 10,300
Administrative expenses 7,100 6,100
Total selling and administrative expenses 18,000 16,400
Net operating income 14,710 10,600
Interest expense 960 960
Net income before taxes 13,750 9,640
Income taxes 5,500 3,856
Net income 8,250 5,784
Dividends to common stockholders 240 450
Net income added to retained earnings 8,010 5,334
Beginning retained earnings 36,574 31,240
Ending retained earnings $ 44,584 $ 36,574

Required:

Compute the following financial data for this year:

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.)

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