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 $28. All of the company's sales are on account. Assets Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Property and equipment: Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year $ 1,110 10,400 $ 1,400 7,600 12,400 640 24,550 10,800 670 20,470 9,000 Land Buildings and equipment, net Total property and equipment Total assets Current liabilities: Accounts payable Liabilities and Stockholders' Equity Accrued liabilities Notes payable, short term Total current liabilities Long-term liabilities: Bonds payable Total liabilities Stockholders' equity: Common stock Additional paid-in capital Total paid-in capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 9,000 51,548 60,548 $ 85,098 $ 19,600 1,070 180 20,850 8,800 29,650 39,542 48,542 $ 69,012 $ 18,000 780 180 18,960 8,800 27,760 600 600 4,000 4,000 4,600 4,600 50,848 36,652 55,448 41,252 $ 85,098 $ 69,012 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year $ 78,300 Last Year Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses. Total selling and administrative expenses Net operating income. Interest expense Net income before taxes Income taxes Net income 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: $ 65,000 35,960 37,000 42,340 28,000 10,900 10,800 6,500 6,800 17,400 17,600 24,940 10,400 880 880 24,060 9,520 9,624 3,808 14,436 5,712 240 300 14,196 5,412 36,652 $ 50,848 $ 36,652 31,240 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 3. Inventory turnover 4. Average sale period 5. Operating cycle 6. Total asset turnover days days days