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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 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 $29. All of the company's sales are on account. 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 Weller Corporation Comparative Balance Sheet (dollars in thousands) Stockholders' equity: Common stock m This Year $ 1,210 9,200 13,000 610 24,020 9,900 45,848 55,748 $ 79,768 $ 19,300 1,010 200 20,510 9,100 29,610 600 Last Year $ 1,300 8,300 12, 200 580 22,380 9,900 37,474 47,374 $ 69,754 $ 18,000 720 200 18,920 9,100 28,020 600
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