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 500,000 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 $28. All of the company's soles are on account Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year Assets Current assets: Cash $ 1,080 $ 1,230 Accounts receivable, net 10,600 7,000 Inventory 12,500 12,000 Prepaid expenses 720 570 Total current assets 24,900 20,800 Property and equipment: Land 9, 200 9, 200 Buildings and equipment, net 42,656 38,638 Total property and equipment 51,856 47. 838 Total assets 376, 756 $68,638 Liabilities and Stockholders. Equity Current liabilities: Accounts payable $19, 100 $17,500 Accrued liabilities 940 760 Notes payable, short tern 280 280 Total current liabilities 20,320 18.540 Long-term liabilities: Bonds payable 8, 200 8.200 Total liabilities 28.520 26,740 Stockholders' equity: Connon stock 500 500 Additional paid-in capital 4,000 4,000 Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year $ 1,080 10.600 12,500 720 24,900 $ 1,230 7,000 32,000 570 20, 806 9,200 42, 656 51,656 $76, 756 9,200 38,638 47,838 $68,638 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 Stockholders' equity Common stock Additional paid in capital Total paid in capital Retained earnings Total stockholders equity Total liabilities and stockholders equity $19, 100 940 280 20,220 $17,500 760 280 18, 540 8,200 28,520 8,200 26,740 500 4,000 4,500 43.736 40/230 $70, 750 500 4,000 4,500 37, 398 41,898 560,63 weller Corporation Comparative Income Statenent and Reconciliation (dollars in thousands) This Year Last Year Sales $67,000 $65,000 Cost of goods sold 37,000 37,000 Gross nargin 30,000 28,00 Selling and administrative expenses: Selling expenses 10,900 10,900 Administrative expenses 7,300 6, 100 Total selling and administrative expenses 18,200 17,086 Net operating income 11,800 11,000 Interest expense 820 820 Net income before taxes 10.900 10, 180 Income taxes 4,392 4,072 Net Income 6,588 6, 108 Dividends to conmon stockholders 250 Net income added to retained earnings 0,338 5,850 Deginning retained earnings 37,390 31,540 Ending retained earnings 343, 730 $37, 390 250 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.) Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net Income before taxes Income taxes Net income Dividends to common stockholders Net income added to retained earnings Beginning retained earnings Ending retained earnings 7,300 18,200 11,800 820 10,980 4,392 6,588 250 6,338 37, 308 $43,736 6,100 17,000 11,000 820 10, 180 4,072 6,108 250 5,858 31,540 $37, 398 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 to 3 Acid-test ratio