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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 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 $1.00 last year and $0.65 this year. The market value of the companys common stock at the end of the year was $30. 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 $ 1,140 $ 1,300 Accounts receivable, net 10,800 7,300 Inventory 12,100 12,000 Prepaid expenses 690 530 Total current assets 24,730 21,130 Property and equipment: Land Buildings and equipmentnet 10,300 10,300 48,596 35,726 Total property and equipment 58,896 46,026 Total assets $83,626 $67,156 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Notes payable, short term $20,200 $ 17,600 970 870 300 300 Total current liabilities Long-term liabilities: Bonds payable 21,470 18,770 9,900 9,900 Total liabilities 31,370 28,670
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