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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 500,000 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) 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: This Year Last Year $ 1,270 10,900 $1,270 6,800 12,700 12,500 630 600 25,500 21,170 10,800 10,800 42,373 41,204 53,173 52,004 $ 78,673 $ 73,174 $ 18,900 $19,200 920 800 280 280 20,100 20,280 9,100 9,100 29,200 29,380 500 500 Additional paid-in capital 4,000 4,000 Total paid-in capital 4,500 4,500 Retained earnings 44,973 39,294 Total stockholders' equity 49,473 43,794 Total liabilities and stockholders' equity $78,673 $73,174 Common stock
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