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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 common
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 $26. 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 5 1,120 $1,350 Accounts receivable, net 9,400 6,800 Inventory 12,400 11,600 Prepaid expenses 800 650 Total current assets 23,720 20,400 Property and equipment Land 11.000 11,000 Buildings and equipment, net 47,467 40,266 Total property and equipment 58,467 $1,266 Total assets $ 82,187 $ 71,666 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 19,900 $ 18,600 Accrued liabilities 2,000 770
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