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 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 i Property and equipment: Land Buildings and equipment, net Total property and equipment Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Notes payable, short term Total current liabilities $1,090 9,900 $ 1,330 7,300 12,800 11,400 710 630 24,500 20,660 10,200 10,200 46,846 38,916 57,046 49,116 $ 81,546 $ 69,776 $18,500 960 240 $18,500 830 240 19,700 19,570 Long-term liabilities: 8,400 8,400 Total liabilities 21,100 27,970 Stockholders equity: Common stock 600 600 Additional paid-in capital 4,000 4,000 Total paid-in capital 4.600 4.600 Bonds payable 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 i Property and equipment: Land Buildings and equipment, net Total property and equipment Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Notes payable, short term Total current liabilities $1,090 9,900 $ 1,330 7,300 12,800 11,400 710 630 24,500 20,660 10,200 10,200 46,846 38,916 57,046 49,116 $ 81,546 $ 69,776 $18,500 960 240 $18,500 830 240 19,700 19,570 Long-term liabilities: 8,400 8,400 Total liabilities 21,100 27,970 Stockholders equity: Common stock 600 600 Additional paid-in capital 4,000 4,000 Total paid-in capital 4.600 4.600 Bonds payable
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