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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. 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 $23. 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 1tabilities Notes payable, short tene Total current liabilities Long-term liabilities: Bands payable Total abilities $1,250 9,400 $1,200 7,900 13,700 610 11,900 590 24,960 21,670 9,400 9,400 45,357 30,796 54,957 48,196 579,717 $ 69,066 $20,500 $ 18,300 950 200 700 280 21,710 19,200 9,990 30,630 4,900 10,100
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