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 the year was $21. All of the company's sales are on account This Year Last Year $ 1,110 10,300 12, 100 770 24,280 $ 1,300 7,100 11,800 650 20, 850 Weller Corporation Comparative Balance Sheet (dollars in thousands) 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 tere Total current liabilities Long-term liabilities: Bonds payable Total liabilities Stockholders' equity. Common stock Additional paid-in capital 10,200 53, 312 63,512 $87,792 10, 200 41,516 51, 710 $72,566 $20, 100 1,030 150 21,280 $18,900 810 150 19,860 9,400 30, 680 9,400 29, 260 600 4,000 600 4,000 Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year $ 1,110 10,300 12, 100 770 24,280 $ 1,300 7,100 11,800 650 20,850 10, 200 53, 312 63,512 $87,792 10, 200 41,516 51,716 $72,566 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 $20,100 1,030 150 21, 280 $18,900 810 150 19, 860 9,400 30, 680 9,400 29,260 600 4,000 4,600 52,512 57, 112 $87, 792 600 4,000 4,600 38,706 43, 306 $72,566 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Last Year Sales $78,300 $65,000 Cost of goods sold 35,850 33,000 Gross margin 42,450 32,000 Selling and administrative expenses: Selling expenses 11, 300 10, 280 Administrative expenses 6, 800 6,500 Total selling and administrative expenses 18, 100 16, 700 Net operating income 24, 350 15, 300 Interest expense 940 940 Net income before taxes 23,410 14,360 Income taxes 9,364 5,744 Net income 14,046 8, 616 Dividends to common stockholders 240 450 Net income added to retained earnings 13, 806 8,166 Beginning retained earnings 38,706 30, 540 Ending retained earnings $52, 512 $38,706 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.) 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 tumover (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 to mover 2. Average collection period 3. Inventory tumover 4. Average sale period 5. Operating cycle 6. Total asset turnover days days