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 $$0\mathrm{.}75$ last year and $$0\mathrm{.}40$ this year. The market value of the company$$s common stock at the end of this year was $$22.$ 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 $ $1,130$ $ $1,380$

Accounts receivable, net $10,1007,400$

Inventory $13,80011,400$

Prepaid expenses $720500$

Total current assets $25,75020,680$

Property and equipment:

Land $10,10010,100$

Buildings and equipment, net $47,21141,948$

Total property and equipment $57,31152,048$

Total assets $ $83,061$ $ $72,728$

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable $ $18,900$ $ $19,400$

Accrued liabilities $1,060880$

Notes payable, short term $210210$

Total current liabilities $20,17020,490$

Long$-$term liabilities:

Bonds payable $8,7008,700$

Total liabilities $28,87029,190$

Stockholders' equity:

Common stock $700700$

Additional paid$-$in capital $4,0004,000$

Total paid$-$in capital $4,7004,700$

Retained earnings $49,49138,838$

Total stockholders' equity $54,19143,538$

Total liabilities and stockholders' equity $ $83,061$ $ $72,728$

Weller Corporation

Comparative Income Statement and Reconciliation

$($dollars in thousands$)$

This Year Last Year

Sales $ $76,000$ $ $66,000$

Cost of goods sold $38,00036,000$

Gross margin $38,00030,000$

Selling and administrative expenses:

Selling expenses $11,20010,100$

Administrative expenses $7,3006,400$

Total selling and administrative expenses $18,50016,500$

Net operating income $19,50013,500$

Interest expense $870870$

Net income before taxes $18,63012,630$

Income taxes $7,4525,052$

Net income $11,1787,578$

Dividends to common stockholders $525280$

Net income added to retained earnings $10,6537,298$

Beginning retained earnings $38,83831,540$

Ending retained earnings $ $49,491$ $ $38,838$

Required:

Compute the following financial data and ratios for this year:

$1.$ Working capital. $($Enter your answer in thousands.$)$

$2.$ Current ratio. $($Round your answer to $2$ decimal places.$)$

$3.$ Acid$-$test ratio. $($Round your answer to $2$ decimal places.$)$