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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 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 $27. 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 $ 1,170 10,300. $1,320 13,100 700 6,500 12,000 600 25,270 20,420 Property and equipment: Land 10,400 10,400 Buildings and equipment, net 46,462 41,876 Total property and equipment 56,862 52,276 Total assets $82,132 $72,696 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $19,800 $19,000 Accrued liabilities 1,090 890 Notes payable, short tere 160 160 Total current liabilities Long-term liabilities: Bonds payable Total liabilities Stockholders' equity Common stock Additional paid-in capital 21,050 20,050 8,900 29,950 0,900 28,950 600 600 4,000 4,000 Total paid-in capital 4,600 4,600 Retained earnings 47,582 39,146 Total stockholders' equity 52,182 43,746 Total liabilities and stockholders' equity $82,132 $72,696
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