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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
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. Weller Corporation Comparative Balance Sheet (dollars in thousands) Assets Current assetsi Cash Accounts receivable, not Inventory Prepaid expenses Total current assets This Year Last Year $1,090 $1,350 9,400 12,400 760 7,700 10,600 590 23,650 20,240 Property and equipment: Land 9,900 9,900. Buildings and equipment, net 47,822 43,926 Total property and equipment 57,722 53,826 Total assets $81,372 $74,066 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $19,600 $19,000 Accrued liabilities 1,040 820 Notes payable, short term 0 300 Total current liabilities 20,640 20,120 Long-term liabilition: Bonds payable Total liabilities Stockholders' amity 9,900 30,540 9,900 30,020
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