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 the year was $29. All of the company's sales are on account. Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year $ 1,170 10,800 12,300 770 25,040 $ 1,270 6,600 11, 200 640 19, 710 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: 10,000 47,300 57,300 $82, 340 10,000 39,884 49,884 $69,594 $18,800 1,040 240 20, 080 $17,900 860 240 19,000 Ann Ann ------ Prol Next > 20,080 19,900 9, 100 29, 180 9,100 28,100 Total current liabilities Long-term liabilities: Bonds payable Total liabilities Stockholders' equity: Common stock Additional paid in capital Total paid-in capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 700 4,000 4,700 48,460 53,160 $82,340 700 4,000 4,700 36,794 41,494 $69,594 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Last Year Sales $79,170 $65,000 Cost of goods sold 39,950 36,000 Gross margin 39,220 29 , Selling and administrative expenses: Selling expenses 11,100 10,200 Administrative expenses 7,300 6,300 Total selling and administrative expenses 18,400 16,500 Net operating income 20, 820 12,500 Interest expense 910 910 Net income before taxes 19,910 11,590 Income taxes 7,964 4,636 Net income 11,946 6,954 Dividends to common stockholders 280 700 Net income added to retained earnings 11,666 6,254 Beginning retained earnings 36,794 30,540 Ending retained earnings $48,460 $36,794 Net income added to retained earnings Beginning retained earnings Ending retained earnings 11,666 36,794 $48,460 6,254 30,540 $36,794 Required: Compute the following financial data 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.) days 1. Accounts receivable turnover 2 Average collection period 3. Inventory turnover 4. Average sale period 5 Operating cycle 6 Total asset turnover days days