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 lest year and $0.40 this year. The market value of the company's common stock at the end of this year was $20. All of the company's sales are on account. Assets Currant assets Cash $ 3,310 Accounts receivable, net $ 1,240 10,00 13,400 Inventory ,700 12,200 Ssa 120 Prepald expenses Total current assets Property and dpment: 38,336 Land Buildings and equipment, net Total property and equipment Total assets 9,000 41,642 50,042 $76,962 9,000 37,429 47,330 $ 67,500 Liabilities and Stockholders' Equity Current 11abilities: $ 19,500 $ 17,000 Accounts payable Accrued liabilities 50 700 120 120 Notes payable, short tere Total current liabilities Long-terw liabilities: 20,600 18,700 8,00 8,500 Bonds payable Total liabilities Stockholders equity 29,300 27,200 Common steck 708 700 4,000 4,200 Additional paid-in capital Total paid-in capital Retained earnings 4,700 4,700 43,162 36,000 Total stockholders' equity 47,012 40,700 Total liabilities and stockholders' equity - $ 76,962 $ 67,900 Weller Corporation Comparative Income Statment and Reconciliation (dollars in thousands) This Year Sales $77,000 Cost of goods sold 45,050 Last Year $ 65,000 38,000 27,00 Gross margin 30,920 selling and adeinistrative expenses: selling expenses 10,700 10,400 Administrative expenses 7,100 5,400 17,000 37,000 Total selling and administrative expenses Net operating income Interest expense 13,129 10,000 850 850 Net Incose before taxes 13,270 3,150 Income taxes 4,90 3,660 Not income 7,362 5,490 Dividends to common stockholders 280 350 Net income added to retained earnings 7,002 5,340 Beginning retained earnings 36,000 30,948 Ending retained earnings 3 43,161 $30,000 Required: Compute the following financial date for this year: 1. Accounts receivable turnover. (Assume that all sales are on account.) (Round your answer to 2 decimal places.) 2 Average collection period. (Use 365 days in a year. Round your Intermediate calculations and final answer to 2 decimal places.) 3. Inventory turnover. (Round your answer to 2 decimal places) 4. Average sale period. (Use 365 days in a year. Round your intermediate calculations and final answer to 2 decimal places. 5. Operating cycle. (Round your Intermediate calculations and final answer to 2 decimal places) 6. Total asset turnover. (Round your answer to 2 decimal places.) Accounts receivable tumover A80 2. Average collection period 42.44 days 300 3. Inventory turnover 4. Average sale period 101.38 days 143.83 days 5: Operating cycle & Tolal asont tumover 0.99 THE 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 $22. All of the company's sales are on account. Weller Corporat Comparative Balance sheet (dillars in thissands) Assets Current assets Cash $ 1,360 $ 3,000 9,000 Accounts receivable, net Inventory 12,00 7,000 10,000 146 648 Prepaid expenses Total current assets Property and equipment: 24,330 19,820 Land 10,500 10,000 42,666 40,258 Buildings and equipment, net Total property and equipment 53,286 50,375 $ 77,516 $78,718 Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities $ 18,600 $ 17,400 850 1,070 100 19,850 180 Notes payable, short tere Total current liabilities Long-term liabilities: 18,438 5,200 9,200 Bonds payable Total liabilities 29,056 27,630 Stockholders equity: Common stock 100 Additional paid-in capital 4,000 Total paid-in capital 4,600 4,600 Retained earnings 43,966 38,488 Total stockholders equity 48,566 43,000 Total liabilities and stockholders' equity 177,616 $ 20,718 Last Year Sales $ 64,000 33,000 Cost of goods sold Gross margin 31,000 Selling and administrative expenses: Selling expenses 10,000 Administrative expenses 7,000 Total selling and administrative expenses 17,600 Net operating income 11,400 Interest expense 920 Net Income before taxes 12,480 Income taxes Net income 7,488 Dividends to common stockholders 248 Net income added to retained earnings 7,248 Beginning retained earnings 33,240 Ending retained earnings 3:38,481 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] 1 Working capital 2. Current 3. Acid-test rato Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Your $ 67,000 38,000 29,000 11,400 6,00 18,200 10,800 9920 9,810 3,952 52920 450 1,47 38,418 $ 41,946