Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear...
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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 stock during the year. A total of 500,000 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) Assets Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Property and equipment: Land Buildings and equipment, net Total property and equipment Total assets Liabilities and Stockholders' Equity Accrued liabilities Total current liabilities This Year Last Year $ 1,140 10,000 13,900 $1,360 8,400 10,700 690 550 25,730 21,010 10,000 10,000 39,687 38,896 49,687 48,896 $ 69,906 $ 75,417 $ 19,800 Current liabilities: Accounts payable Notes payable, short term 1,030 250 $ 18,300 850 250 21,080. 19,400 Long-term liabilities: 9,900 9,900 Total liabilities. 30,980 29,300 Stockholders' equity: Common stock 500 500 Additional paid-in capital 4,000 4,000 Total paid-in capital 4,500 4,500 Retained earnings 39,937 36,106 Bonds payable. Mayt 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 500,000 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) Assets Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Property and equipment: Land Buildings and equipment, net Total property and equipment Total assets Liabilities and Stockholders' Equity Accrued liabilities Total current liabilities This Year Last Year $ 1,140 10,000 13,900 $1,360 8,400 10,700 690 550 25,730 21,010 10,000 10,000 39,687 38,896 49,687 48,896 $ 69,906 $ 75,417 $ 19,800 Current liabilities: Accounts payable Notes payable, short term 1,030 250 $ 18,300 850 250 21,080. 19,400 Long-term liabilities: 9,900 9,900 Total liabilities. 30,980 29,300 Stockholders' equity: Common stock 500 500 Additional paid-in capital 4,000 4,000 Total paid-in capital 4,500 4,500 Retained earnings 39,937 36,106 Bonds payable. Mayt
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