{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T19:05:47-04:00", "answer_date": "2024-05-27 19:05:47", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1796039", "url": "\/study-help\/questions\/comparative-financial-statements-for-weller-corporation-a-merchandising-company-for-1796039", "question_creation_date_js": "2024-05-27T19:05:47-04:00", "question_creation_date": "May 27, 2024 07:05 PM", "meta_title": "[Solved] Comparative financial statements for Well | SolutionInn", "meta_description": "Answer of - Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appe | SolutionInn", "meta_keywords": "comparative,financial,statements,weller,corporation,merchandising,company,year,ending,december,31,appear", "question_title_h1": " Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new", "question_title": " Comparative financial statements for Weller Corporation, a merchandising company, for the", "question_title_for_js_snippet": "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 800,000 shares of common stock were outstanding The interest rate on the bond payable was 12 , 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 $18 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 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 Long term liabilities Bonds payable Total liabilities Stockholders' equity Common stock Additional paid in capital Total paid in capital Retained earnings $ 1,280 12,300 $ 1,560 9,100 9,700 1,800 8,200 2,100 25,080 20,960 6,000 6,000 19,200 25,200 19,000 25,000 $ 50,280 $ 45,960 $ 9,500 600 $ 8,300 700 300 300 10,400 9,300 5,000 5,000 15,400 14,300 800 800 4,200 4,200 5,000 5,000 29,880 26,660 Total stockholders' equity 34,880 31,660 Total liabilities and stockholders' equity $ 50,280 $ 45,960 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Last Year $ 74,000 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 $ 79,000 52,000 27,000 48,000 26,000 8,500 8,000 12,000 11,000 20,500 19,000 6,500 7,000 600 600 5,900 6,400 2,360 2,560 3,540 3,840 320 600 3,220 26,660 3,240 23,420 $ 29,880 $ 26,660", "question_description": "\"image\"image", "transcribed_text": "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 800,000 shares of common stock were outstanding. The interest rate on the bond payable was 12%, 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 $18. 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 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 Long-term liabilities: Bonds payable Total liabilities Stockholders' equity: Common stock Additional paid-in capital Total paid-in capital Retained earnings $ 1,280 12,300 $ 1,560 9,100 9,700 1,800 8,200 2,100 25,080 20,960 6,000 6,000 19,200 25,200 19,000 25,000 $ 50,280 $ 45,960 $ 9,500 600 $ 8,300 700 300 300 10,400 9,300 5,000 5,000 15,400 14,300 800 800 4,200 4,200 5,000 5,000 29,880 26,660 Total stockholders' equity 34,880 31,660 Total liabilities and stockholders' equity $ 50,280 $ 45,960 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Last Year $ 74,000 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 $ 79,000 52,000 27,000 48,000 26,000 8,500 8,000 12,000 11,000 20,500 19,000 6,500 7,000 600 600 5,900 6,400 2,360 2,560 3,540 3,840 320 600 3,220 26,660 3,240 23,420 $ 29,880 $ 26,660", "related_book": { "title": "Managerial Accounting", "isbn": "9780618777174, 618777180, 618777172, 978-0618777181", "edition": "8th Edition", "authors": "Susan V. Crosson, Belverd E. Needles", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/240.jpg", "uri": "\/textbooks\/managerial-accounting-8th-edition-240", "see_more_uri": "" }, "free_related_book": { "isbn": "B0BXHHN893", "uri": "\/textbooks\/gdindinfan-5-tier-letter-tray-paper-organizer-mesh-desktop-file-organizer-with-handle-metal-desk-paper-sorter-and-storage-for-letter-a4-for-office-black-b0bxhhn893-168071", "name": "Gdindinfan 5-Tier Letter Tray Paper Organizer Mesh Desktop File Organizer With Handle Metal Desk Paper Sorter And Storage For Letter\/A4 For Office Black", "edition": "" }, "question_posted": "2024-05-27 19:05:47", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/reset-all-of-the-assumptions-to-the-original-values-then-252235", "description": "Reset all of the assumptions to the original values. 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