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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 700,000 shares of common stock were outstanding. Th 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 lasm year and $0.40 this year. The market value of the company's common stock at the end of this year was $26. All of the company's sale 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 $ 1,090 10,600 12,900 790 $1,410 6,800 11,200 590 25,380 20,000 Property and equipment: Land 9,200 9,200 Buildings and equipment, net 52,843 43,834 Total property and equipment 62,043 53,034 Total assets $87,423 $73,034 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $18,600 Accrued liabilities $18,900 910 720 Notes payable, short term 250 250 Total current liabilities 19,760 Long-term liabilities: Bonds payable Total liabilities Stockholders' equity: Common stock 19,870 9,600 9,600 29,360 29,470 700 700 Additional paid-in capital 4,000 4,000 Total paid-in capital 4,700 Retained earnings 4,700 53,363 38,864 Total stockholders' equity 58,063 43,564 Total liabilities and stockholders' equity $87,423 $73,034
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