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 sales are on account Welter Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year $1,220 10,000 13, 100 650 24,970 $ 1,378 6,500 12,000 600 20,470 10,100 45,084 559184 $80,074 10, 180 41,062 51,162 $71,632 Assets Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Property and equipment: Land Buildings and equiprent, net Total property and equipment Total assets Liabilities and Stockholders' Equity Current Liabilities: Accounts payable Accrued abilities Notes payable, short tern Total current liabilities Long-ters abilities: Bonds payable Total liabilities Stockholders' equity: Common stock Additional paid-in capital Total paid in capital Retained barnings Tate Athlere $20, 100 1,040 190 21.30 $19,300 710 199 20,200 8,300 129,630 8,300 28,500 See 4,000 4,500 45.964 SA 500 4,00 4,500 38,032 17 M Connect Ch 14 Graded Homework Saved 4 $20, 100 1,640 190 21,330 $19,300 71e 190 28,200 166 points 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 8,300 29,630 8,300 28,500 Skloped 500 4,000 4,500 45,944 50,444 $80,074 5e3 4,800 4,500 38,632 43,132 $71,632 Book Hind Print References Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Last Year Sales $75,075 $64,000 Cost of goods sold 43,925 34,000 Gross margin 31, 150 30,000 Selling and administrative expenses: Selling expenses 11,308 10,500 Administrative expenses 6,500 6,100 Total selling and administrative expenses 17,800 16,600 Net operating income 13,350 13,400 Interest expense 830 830 Net income before taxes 12,520 12,570 Income taxes 5,008 5,028 Net income 7,512 7,542 Dividends to common stockholders 200 250 Net incone added to retained earnings 7.312 7.292 Beginning retained earnings 38,632 31, 340 Ending retained earnings $45,944 538,632 Required: 4 Net income before taxes Income taxes Net income Dividends to common stockholders Net income added to retained earnings Beginning retained earnings Ending retained earnings 12,520 5,098 7,512 280 7,312 38,632 $45,944 12,570 5,028 7,542 250 7,292 31,340 $38,632 56 Skoped book 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.) Hit Print References days 1. Accounts receivable turnover 2 Average collection period 3. Inventory tumover 4 Average le period 5 Operating cycle 6. Tottaiset turnover days days