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 Property and equipment: Land $ 1,090 $ 1,380 9,500 13,800 730 8,200 11,400 500 25,120 21,480 9,800 9,800 Buildings and equipment, net 52,566 39,150 Total property and equipment 62,366 48,950 Total assets $87,486 $70,430 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $20,300 $17,600 Accrued liabilities 960 830 Notes payable, short term 240 240 Total current liabilities 21,500 18,670 Long-term liabilities: Bonds payable Total liabilities 8,000 8,000 29,500 26,670 Stockholders' equity Common stock 600 Additional paid-in capital 4,000 600 4,000 Common stock Additional paid-in capital Total paid-in capital Retained earnings 600 600 4,000 4,000 4,600 4,600 53,386 39,160 Total stockholders' equity 57,986 43,760 Total liabilities and stockholders' equity $87,486 $70,430 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Last Year Sales $79,650 $66,000 Cost of goods sold 36,540 33,000 Gross margin 43,110 33,000 Selling and administrative expenses: Selling expenses 11,000 10,500 Administrative expenses 7,200 6,500 Total selling and administrative expenses 18,200 17,000 Net operating income 24,910 16,000 Interest expense 800 800 Net income before taxes 24,110 15,200 Income taxes 9,644 6,080 Net income 14,466 9,120 Dividends to common stockholders 240 600 Net income added to retained earnings 14,226 8,520 Beginning retained earnings 39,160 30,640 Ending retained earnings $53,386 $39,160 Required: Compute the following financial data for this year: 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.) 1. Accounts receivable turnover 2. Average collection period 9.00 40.56 days 3. Inventory turnover 4. Average sale period days 5. Operating cycle days 6. Total asset turnover 1.01